TMX Group has reached a definitive agreement to acquire Cboe Australia and Cboe Canada from Cboe Global Markets for US$300 million, a move designed to challenge the ASX's dominance and accelerate the Canadian operator’s international expansion.
The deal follows TMX securing preferred bidder status after extensive engagement with the Australian Securities and Investments Commission.
The acquisition integrates two high-performing entities that generated roughly CAD$87 million in revenue during 2025.
By absorbing Cboe Australia, which currently commands a 20% share of local equity trading, TMX gains a foothold in the Asia-Pacific region.
The transition is particularly timely, following ASIC's approval of Cboe Australia’s listing market application last October.
That regulatory milestone transformed the bourse into a direct competitor for primary listings against the ASX and the National Stock Exchange of Australia, a shift the regulator believes will foster a more "vibrant and attractive" local capital market.
TMX Group CEO John McKenzie emphasised that the transaction aligns with the firm’s global growth strategy, noting a commitment to "innovative ways to serve issuers and investors" through the transition.
Meanwhile, Cboe Global Markets CEO Craig Donohue stated the divestment allows his firm to reallocate capital towards core business optimisation.
While the Australian and Canadian arms are expected to close as separate transactions, ASIC has reportedly indicated it will expedite its assessment of the Australian acquisition.
TMX was advised by Canaccord Genuity and Macquarie Capital, while Barclays served as financial adviser to Cboe.