Overview
- The companies announced the transaction on July 31, 2026, with TMX committing about $800 million in cash and rolling its BOX stake to obtain roughly 59% ownership of the newly named MEMX Group.
- The merged business will run three U.S. options exchanges, one equities exchange, and a market-technology unit that MEMX has used for other trading platforms.
- MEMX and BOX reported combined 2025 revenue near $280 million and adjusted EBITDA around $134 million, implying a roughly 48% EBITDA margin for the group.
- Jonathan Kellner, MEMX’s current chief executive, will lead the combined company, which plans a phased rollout of MEMX’s MX2 options platform starting September 2026 and projects about 10% U.S. options market share as a target.
- The deal must clear U.S. and other regulators before closing in the second half of 2027, and market participants say the larger, better-capitalized operator could intensify competition with NYSE, Nasdaq and Cboe and pressure trading fees and technology adoption.