August 03, 2012
The TMX/Maple saga, and the original LSE deal that started it all but never happened, is finally coming to an end with this week’s announcement that Maple Group Corp.’s takeover of TMX Group Inc. met the final conditions of the deal. Although a few elements, like acquisition of the remaining shares in the conversion, have yet to take place, the uncertainties created by having such significant regulatory requirements and such a large group of investors working together, is now gone. The deal is essentially done.
Sharon Geraghty who represented TMX Group throughout the process, says this is probably the most challenging transaction she has done from a regulatory perspective. "There were quite a few [transactions involving stock exchanges] that had been attempted globally that had not succeeded…We all knew we could do it but when it actually got done it was a bit 'wow', we actually got there."
Geraghty was also impressed with how such a large consortium of financial institutions, which included the Alberta Investment Management Corporation, Caisse de dépôt et placement du Québec, Canada Pension Plan Investment Board, CIBC World Markets Inc., Desjardins Financial Group, Dundee Capital Markets Inc., Fonds de solidarité des travailleurs du Québec (F.T.Q.), National Bank Financial & Co. Inc., Ontario Teachers’ Pension Plan, Scotia Capital Inc., TD Securities Inc. and The Manufacturers Life Insurance Company, stuck it out.
"That consortium was the most prominent financial institutions in the country who worked together extremely well actually. I was amazed at how well they were able to work together because it was very difficult.," said Sharon.
Read the full blog post here.