Toronto Exchange Owner Agrees to Buy 16 Percent Stake in Bermuda’s Bourse
TMX Group Inc. (X), the Toronto Stock Exchange owner that’s the target of a takeover by a group of Canadian banks and pension funds, said it bought a 16 percent stake in the Bermuda Stock Exchange.
Financial terms weren’t disclosed. TMX Chief Executive Officer Thomas Kloet will join the Bermuda Stock Exchange board, Toronto-based TMX said today in a statement.
“This investment represents TMX Group’s commitment to looking beyond Canada for opportunities,” Kloet said in the statement.
Canada and Bermuda have increased business activity with each other, including a tax information pact that was signed in July, TMX said.
TMX shares rose less than 1 percent to C$41.85 yesterday in Toronto Stock Exchange trading. The shares plunged 6 percent this month after Canada’s competition regulator said it had “serious” concerns about the bid by Maple Group Acquisition Corp. for TMX.
To contact the reporter on this story: Sean B. Pasternak in Toronto at email@example.com.