Konata Lake on TMX Group's acquisition of AST Trust Company

Since first announcing an agreement in September 2020, TMX Group has now acquired AST Trust Company for $165 million which includes $30 million in cash.

In an almost-year-long ordeal, this transaction required different rounds of review to ensure a smooth acquisition. This included regulatory approvals under the Competition Act and Trust and Loan Companies Act, and sign-off from the Office of the Superintendent of Financial Institutions and the Minister of Finance Chrystia Freeland.

Partner and head of Torys' Emerging Companies and Venture Capital group Konata Lake told Canadian Lawyer that “the deal is ‘a good Canadian story.’”

“You’ve got TMX, a strong Canadian company, acquiring a Canadian business, and it creates a large Canadian player in the space,” he added.

Konata acted as part of the Torys legal team for TMX Group on the deal.

Information on the transaction can be found in the official press release from the TMX Group.

You can also read more about our M&A work on our practice page.

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