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TMX to Buy Cboe Canada and Australia for $300 Million

Regulators will test whether the deal shrinks choice for market participants.

FILE PHOTO: A logo for CBOE (Chicago Board Options Exchange) Global Markets is displayed at their headquarters in Chicago, Illinois, U.S., April 11, 2024. REUTERS/Jim Vondruska/File Photo
John McKenzie, the chief executive officer (CEO) of TMX Group is photographed at the company’s offices in downtown Toronto, Ontario, Thursday, Feb. 29, 2024. (COLE BURSTON)
Tmx moves to acquire cboe’s canada and australia exchanges in $300 million deal
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Overview

  • A definitive agreement announced Wednesday sets TMX to acquire Cboe Canada and Cboe Australia for US$300 million.
  • The deal needs regulatory approvals and the two businesses are slated to close in separate transactions after reviews, including a filing with Canada’s Competition Bureau.
  • TMX CEO John McKenzie said Canada remains open to competition with many trading venues and he pledged to keep Cboe’s platforms in place while lowering access, data, and connectivity costs.
  • Industry voices raised warnings about reduced competition in listings, with Purpose Investments’ Som Seif calling the move a step toward monopoly and Tradelogiq noting a more concentrated market landscape.
  • The units produced about US$87 million in 2025 revenue and roughly US$25 million in adjusted EBITDA, TMX expects EPS gains within 12 months excluding synergies, and Cboe framed the sale as a shift toward derivatives and data after earlier buys of NEO and MATCHNow in Canada.