TMX Group has reached an agreement to acquire the Canadian and Australian exchange operations of Cboe Global Markets for a total consideration of $300 million. The assets included in the deal are Cboe Canada and Cboe Australia, two national exchange platforms that Cboe had been operating.
TMX’s chief executive, John McKenzie, said the purchase provides the Toronto Stock Exchange operator with a pathway into Australia, which he described as the second strongest mining resource market globally. The deal is framed as an expansion of TMX’s presence in mining-focused markets.
According to figures released by the companies, Cboe’s Canada and Australia businesses produced approximately $87 million in revenue in 2025 and delivered adjusted earnings before interest, taxes, depreciation and amortization of roughly $25 million for the same period.
Financing for the transaction will come from a mix of cash and debt, TMX chief financial officer David Arnold told analysts. Management also said the acquisition aligns with the exchange operator’s strategy to put greater emphasis on higher-growth business lines, explicitly naming derivatives, digital assets and prediction markets as areas that will receive increased focus following the acquisition.
For Cboe, the divestiture represents a milestone in a previously announced strategic review. In October 2025, Cboe said it would examine the disposition of its Canadian and Australian units as part of a broader portfolio evaluation; the sale of those businesses to TMX is a direct step in that process.
The transaction brings together two national exchange operations under TMX ownership and transfers the reported revenue and adjusted EBITDA associated with those units to the Toronto-based operator. Beyond the transaction terms and the financing approach, the companies presented the move as both a geographic expansion into a mining-oriented market and an operational pivot toward higher-growth trading products.
Sectors mentioned: exchanges, mining industry, derivatives, digital assets, prediction markets.