TMX Group to Acquire Cboe Global's Australian and Canadian Operations for $300 Million

TMX Group Acquires Cboe Global Markets' Australian and Canadian Operations for $300 Million

TMX Group, the operator of the Toronto Stock Exchange, has reached an agreement to acquire the Australian and Canadian operations of Cboe Global Markets for $300 million. This strategic move significantly broadens the reach of TMX Group within the global mining sector.

The acquisition is designed to accelerate TMX Group's expansion into high-growth segments, including digital assets, derivatives, and prediction markets. The Cboe Australia and Cboe Canada exchanges, which are part of the acquisition, produced roughly $87 million in revenue throughout 2025, yielding adjusted EBITDA of approximately $25 million.

TMX Group Chief Financial Officer David Arnold informed market analysts that the transaction is expected to be funded through a mix of available cash and new debt. The deal remains subject to standard closing requirements and regulatory reviews, with TMX Group expecting the acquisitions of the Canadian and Australian entities to conclude individually as specific approvals are granted.

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For Cboe Global Markets, the divestiture represents a major milestone in a strategic reorganization first disclosed last October. The firm initiated a comprehensive portfolio assessment that included the potential sale of these specific international units. This follows Cboe's decision in July of last year to exit its Japanese equities business, a move prompted by shifting market conditions that impacted the local operation's financial viability.

Cboe Global Markets CEO Craig Donohue stated that this deal permits the organization to redirect capital and specialized resources toward its primary business lines, bolstering long-term profitability while the company explores emerging industry opportunities. Canaccord Genuity and Macquarie Capital provided financial advice to TMX Group, while Barclays served as Cboe's advisor. Legal representation included Sidley Austin and Baker McKenzie.

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TMX Group's CEO, John McKenzie, has stated that the company's venture ecosystem, which allows early-stage companies to raise capital, has been attractive to companies from outside Canada. With about 1,600 companies at varying stages to list, Canada's strength in the mining sector and strong commodity prices have kept IPO interest high. Listings are expected to rebound after only two new companies entered the TSX in Toronto last year.