TMX Group Inc. investors sold 91 percent of their shares to a group led by Canadian banks and pension funds, backing the C$3.73 billion ($3.72 billion) takeover of the Toronto Stock Exchange owner.
Maple Group Acquisition Corp., whose 12 members include Toronto-Dominion Bank, Canada Pension Plan Investment Board and Manulife Financial Corp., bought the shares from investors for C$50 each, the Toronto-based company said in a statement. Maple needed to buy at least 70 percent of TMX stock by today’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 Ltd. clearing house 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 tomorrow.
TMX will hold a shareholders’ meeting Sept. 12 to approve a swap of remaining TMX shares for Maple stock. The shareholders will own 28 percent to 42 percent of the combined company when the deal closes.