TSX Group Inc. and Montréal Exchange Inc. (MX) announced today the completion of their business combination to create TMX Group Inc.
"We are pleased to have completed this transaction," said Michael Ptasznik, Interim Co-CEO of TSX Group. "Our new company will redefine the Canadian capital markets and strengthen its global positioning.
Luc Bertrand, President and CEO of MX said, "We are thrilled to be forming TMX Group. We are building an integrated Canadian exchange that brings together cash and derivatives trading for the first time. We seek distinctive positioning in the exchange space."
Under the combination agreement, TSX Group has added five Quebec resident directors to its Board. They are Luc Bertrand, Denyse Chicoyne, Carmand Normand, Jean Turmel and Laurent Verreault.
Mr. Bertrand today was appointed Deputy CEO of TSX Group Inc. He remains as President and CEO of MX.
The purchase price was satisfied with the issue of approximately 15,316,613 shares of TSX Group Inc. and the payment of $428.2 million to MX shareholders. MX shares will be delisted at the earliest at the close of business on May 2, 2008. Trading in shares of the new group continues under the name TSX Group (TSX:X). TSX Group is expected to change its name to TMX Group Inc. on or about June 11, 2008, following receipt of TSX Group shareholder approval.