TMX Group investors sold 91% of their shares to a group including the C$161.6 billion (US$161.4 billion) Canada Pension Plan Investment Board, Toronto, backing the C$3.73 billion takeover of the Toronto Stock Exchange owner.
Maple Group Acquisition, whose 12 members include Toronto-Dominion Bank, Manulife Financial and the CPPIB, bought the shares from investors for C$50 each, TMX said in a statement. Maple needed to buy at least 70% of TMX stock by Tuesday’s deadline for the takeover to proceed.
Maple plans to buy the rest of TMX stock and integrate the company with the Canadian Depository for Securities clearinghouse and bank-owned exchange operator Alpha Group, TMX’s biggest competitor. Maple expects to close the C$175 million takeover of Alpha and a C$167.5 million acquisition of CDS on Wednesday.
TMX will hold a shareholders’ meeting Sept. 12 to approve a swap of remaining TMX shares for Maple stock. The shareholders will own 28% to 42% of the combined company when the deal closes.