TMX Group announces merger with London Stock Exchange Group

Torys acted as counsel to TMX Group with a team that included Richard Balfour, Sharon Geraghty, Aaron Emes, Jim MIller, Catherine De Giusti, Adrienne DiPaolo, Morgan Crockett and Robbie Leibel (M&A), Omar Wakil, Sue-Anne Fox and Craig Pell (Investment Canada, antitrust), Jim Welkoff, Kathy Moore and Catrina Card (tax), Andy Beck (U.S. securities), Mayah Judovits and Jay Romagnoli (antitrust), David Dell (real estate), Wilfred Estey (research), Mitch Frazer (pension and employment), Dan Logan and Ebad Rahman (IP), Dennis Mahony (environmental) and with assistance from Jim C. Tory and Linda Plumpton (plan of arrangement process).

On February 9, 2011, TMX Group Inc. (Public, TSE: X) announced that it has entered into an agreement with London Stock Exchange Group plc (Public, LON: LSE) to combine its exchange groups by way of an all-share merger of equals. The transaction was valued at approximately US$6.9 billion and was to be structured as a plan of arrangement.

Upon completion, which is subject to customary regulatory approvals, the merged group would have become the number one listings venue in the world by number of total listings, as well as the number one listing venue in the world for natural resources, mining, energy and clean technology companies.

On June 29, 2011, the proposed merger between TMX Group Inc. and London Stock Exchange Group plc was terminated.

TMX Group is headquartered in Toronto with offices in Montreal, Calgary and Vancouver. The company (which owns TSX, MX, TSX Venture and NGX) operates equities, energy and fixed income, cash and derivative markets and clearing houses in Canada and the United States.

London Stock Exchange is headquartered in London and is Europe's leading exchange group. The company operates in three segments: capital markets, post trade services, and information and technology services.