Maple’s takeover of TMX Group clears major hurdles
05 Jul 2012
Canada's Maple Group Acquisition Corporation, a consortium of bankers, and pension funds said yesterday that it has received the approvals of Ontario Securities Commission (OSC), and Canada's Competition Bureau for its proposed takeover of TMX Group, operator of Canada's major stock exchanges for approximately C$3.8 billion.
In addition to TMX Group, OSC has approved Maple Group's acquisition of rival group Alpha Trading Systems Inc and Alpha Trading Limited Partnership (collectively, Alpha) and the Canadian Depository for Securities Limited (CDS), the country's clearing and settlement agency.
Quebec's market regulator Autorité Des Marchés Financiers (AMF) previously published final recognition orders with respect to Maple's proposed acquisition of TMX Group and Alpha and said that it intends to approve the acquisition of CDS shortly.
The approvals provide the terms under which Maple Group will be allowed to operate a combined exchange and clearing group.
Maple Group's spokesman Luc Bertrand said, ''We are very pleased with the strong progress being made to secure the necessary regulatory approvals. We hope to receive the remaining approvals shortly and look forward to beginning the work to implement our vision for a more globally competitive exchange in Canada.''
Toronto-based TMX Group and its subsidiaries operate Toronto Stock Exchange (TSX) and TSX Venture Exchange, TMX Select, Montreal Exchange, Canadian Derivatives Clearing Corporation, Boston Options Exchange cash and derivatives markets for equities, fixed income and energy.
