TMX Group Limited (TSX:X) entered into an agreement to acquire remaining 78% stake in ETF Flows LLC from Aretex Capital Partners and others for $950 million on December 13, 2023. Transaction is expected to be financed with committed bank debt up to $1 billion in term loans with $600 million, up to $200 million and $200 million. National Bank of Canada, The Toronto-Dominion Bank and Bank of Montreal are providing the new committed credit facilities to TMX Group. TMX to assume $100 million of VettaFi debt. The transaction is subject to customary closing conditions. The transaction is expected to close in January 2024. The transaction is expected to be accretive to adjusted earnings per share in year one, excluding any synergies.

Evercore acted as financial advisor to TMX Group, and WilmerHale LLP acted as legal counsel to TMX Group. Barclays acted as financial advisor to VettaFi, and Garrett Charon, Ellen Wheeler, Arek Maczka, James Thomas, Ed Baer, Danna Kivell, Jordan Altman, Benjamin Rogers and Brandon Dunn of Ropes & Gray LLP acted as legal counsel to VettaFi.

TMX Group Limited (TSX:X) completed the acquisition of remaining 78% stake in ETF Flows LLC from Aretex Capital Partners and others on January 2, 2024