Topic: How To Invest

Spinoffs & Takeovers Hotline – Friday, October 2, 2020

Article Excerpt

TMX GROUP LTD., $136.61, symbol X on Toronto, is an operator of public trading platforms and provider of ancillary services. The company owns Canada’s two primary stock exchanges, the Toronto Stock Exchange and the Montreal Exchange, as well as clearing entities for domestic Canadian markets (CDS and CDCC). It also holds U.K.-based Trayport, a trading software provider. On September 25, 2020, the company announced that it would acquire the Canadian operations of AST Trust Company. That subsidiary of AST Investor provides transfer agency, corporate trust and related services to Canadian public and private companies. TMX Group is acquiring the AST companies for $165 million from Armor Holdco Inc., which is owned by Pacific Equity Partners. Armor’s U.S. operations, including American Stock Transfer & Trust Company LLC, and D.F. King & Co., Inc., are not a part of the transaction. In the three months ended June 30, 2020, TMX Group’s revenue rose 3.5% to $217.7 million from $210.3 million a year earlier. Revenue was…