TMX Group acquires Cboe Global Markets’ Canadian and Australian equities businesses
for $409m

Transaction overview

TMX Group, a Canadian financial services company that operates the Toronto Stock Exchange and other trading platforms, acquired the Canadian and Australian equities businesses of Cboe Global Markets for $409 million on April 24, 2026. The acquisition includes Cboe Canada and Cboe Australia, which collectively generated approximately $87 million in revenue and roughly $25 million in adjusted EBITDA in 2025.

Deal structure and financing

TMX Group funded the acquisition with a combination of cash and debt but did not disclose specific details on the equity-debt split. Canaccord Genuity and Macquarie Capital served as financial advisors to TMX, while Barclays advised Cboe. The deal's structure involves TMX retaining certain assets from Cboe Canada and Australia while aiming to integrate their platforms and pricing mechanisms. TMX plans to maintain competitive market access costs for participants, which could influence the terms of financing arrangements.

Strategic context

TMX Group sought this acquisition to deepen its presence in critical sectors such as mining and strengthen its position in global financial markets. The deal aligns with TMX’s strategic focus on expanding into new geographic regions while enhancing its service offerings, particularly derivatives trading and digital assets. Cboe Canada's extensive list of listings and access to Australia’s robust mining sector make it a valuable asset for TMX Group.

The sale by Cboe Global Markets is part of a broader portfolio realignment initiated in October 2025. The move reflects Cboe’s strategy to allocate resources toward core business areas, thereby enhancing its financial performance and operational efficiency. However, the acquisition has raised concerns among industry observers about potential monopolistic practices in Canada's capital markets infrastructure.

Regulatory path

The transaction is subject to regulatory scrutiny by both Canadian and Australian authorities due to the cross-border nature of the deal. The Competition Bureau in Canada will likely examine the implications of this acquisition on market competition and pricing dynamics, particularly for listing services and trading venues. Given the significant overlap between TMX Group’s existing operations and those of Cboe Canada and Australia, regulators may require certain divestitures or structural changes to address antitrust concerns.

In addition to national regulatory bodies, international oversight by the European Union (EU) could be minimal given that neither Canada nor Australia are EU members. However, the deal’s impact on global market infrastructure raises broader questions about cross-jurisdictional competition and regulation in financial services.