TMX Group has agreed to acquire the Australia and Canada exchange businesses of Cboe Global Markets in a US$300 million deal. The transaction covers Cboe Australia and Cboe Canada and is subject to regulatory approvals in both countries. The two businesses are expected to close in separate transactions once approvals are completed.

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The deal reverses Cboe’s earlier expansion into Canadian equities market infrastructure. The company built its presence through acquisitions including NEO and MATCHNow, positioning itself as a competitor in Canada’s trading landscape.

Cboe Trading Venues Move to TMX

The assets include equities trading venues, listing platforms, and market data services. Cboe Australia operates trading and listing services for equities and exchange-traded products and recently received a licence for corporate listings.

Cboe Canada operates MATCHNow and the NEO trading and listing venues, along with ETF and CDR listings.

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TMX Group said the acquisition will expand its capital markets infrastructure and support its long-term growth strategy. It also said the transaction is expected to reduce complexity for Canadian market participants.

Cboe Global Markets said the businesses had delivered stable performance. Chief Executive Officer Craig Donohue said they are well positioned for their next chapter and that the company will work with TMX, regulators, and clients to support a smooth transition.

TMX Adds Revenue-Generating Exchange Assets

The combined Cboe Canada and Cboe Australia businesses generated about $87 million in revenue in 2025 and around $25 million in adjusted EBITDA. TMX said the deal is expected to be accretive to adjusted earnings per share within 12 months of closing, excluding synergies.

The transaction also reflects Cboe’s broader shift toward derivatives and data-focused operations, with reduced emphasis on regional equities exchange assets.

TMX said the acquisition of Cboe Australia will extend its access to Australia’s capital markets ecosystem, while the Canada deal is expected to improve market access and execution quality.