Cboe Global Markets has agreed to sell its Canadian and Australian equities exchanges, Cboe Canada and Cboe Australia, to the TMX Group for a total of $300 million. The transaction will close once regulatory approvals are obtained, and Cboe will continue to operate the exchanges until the deal is finalized.
The sale is part of Cboe’s strategic realignment to focus on higher‑growth areas such as derivatives, digital assets and prediction markets. In Q4 2025, Cboe reported record net revenue of $671.1 million, a 28% increase from the prior year, and record diluted earnings per share of $2.97, underscoring the company’s strong financial position as it reallocates capital toward its core growth engines.
TMX Group’s acquisition expands its presence in Canada and Australia and is expected to be accretive to its adjusted earnings per share within the first 12 months of closing. TMX reported record revenue of $457.8 million for Q4 2025, up 16% from Q4 2024, and an adjusted diluted EPS of $0.60, up 22% from the same period, indicating robust performance that will support the integration of the new exchanges.
The divested businesses generated combined revenue of approximately $87 million and adjusted EBITDA of about $25 million in 2025, giving a sense of the scale of the assets being transferred. This financial snapshot highlights the contribution of the Canadian and Australian markets to Cboe’s overall portfolio before the sale.
The transaction requires approval from the regulatory authorities in both Canada and Australia. Closing is subject to customary regulatory conditions, and the parties have indicated that the process is proceeding in accordance with the applicable legal frameworks.
"We are pleased to reach an agreement to sell these businesses to TMX Group, a longstanding and well‑established market operator. The transaction will bring Cboe Australia and Cboe Canada under new ownership well suited to support their next chapter, while enabling Cboe to reallocate resources and capital towards optimizing our core businesses for further growth and profitability, and pursuing opportunities in new and emerging areas." – Craig Donohue, CEO, Cboe Global Markets
"The teams at Cboe Australia and Cboe Canada have delivered consistent performance and built resilient, high‑quality markets. These businesses are well positioned for their next chapter, and we will work closely with TMX, our local regulators, and our clients to ensure a seamless transition." – Craig Donohue, CEO, Cboe Global Markets
"This transaction marks an important milestone in our strategic realignment, allowing us to sharpen our focus on the growth opportunities that will position Cboe for long‑term success." – Prashant Bhatia, EVP, Head of Enterprise Strategy & Corporate Development, Cboe Global Markets
"We are tremendously excited to announce the acquisition of Cboe Australia and Cboe Canada, a deal that represents a unique opportunity to strengthen our domestic marketplace for clients and the entire stakeholder ecosystem, while expanding the reach and impact of our presence in a region of the world we know well." – John McKenzie, CEO, TMX Group
"We look forward to working with our industry partners to ensure a smooth transition, and to exploring innovative ways to serve the needs of issuers and investors across the Australian market, while continuing to seek out opportunities to accelerate our enterprise growth strategy." – John McKenzie, CEO, TMX Group
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