TMX Group’s Strategic Investment in the $2.3 Billion Combination of MEMX and BOX

On July 30, 2026, TMX Group, a global provider of data, listing services, trading markets, clearing facilities and other services to the global financial community, announced a definitive agreement to make a strategic investment in MEMX, an exchange operator and market technology provider. Concurrent with that transaction, BOX, a U.S. equity options market with both electronic and floor-based trading, will be combined with MEMX, and TMX Group will have an approximately 59% ownership interest in the combined business. Under the terms of the agreement, this transaction will create a consolidated U.S. exchange group with an enterprise value of approximately $2.3 billion. The new entity will be funded by an equity investment from TMX Group of approximately $800 million, a rollover of TMX's existing equity interest in BOX, committed rollovers from a group of MEMX and BOX investors, comprised of key market participants, and an investment from a new financial partner. Cravath is representing TMX Group in connection with the transaction.

The Cravath team is led by partner Andrew M. Wark and includes associates Luke A. Martin, Benjamin Meyer and Héctor Reyes on M&A matters; partners Elad Roisman and Jeffrey T. Dinwoodie and senior attorney Donald L. Thompson and associates Max D. Brashear and Liam Ives Morris on financial institutions matters; partner Ron Creamer on tax matters; partner David J. Kappos and associates Albert Wong and Nilofar Vakili Calzoni on intellectual property matters; parter Eric W. Hilfers and associate Oscar Porter on executive compensation and benefits matters; and of counsel Joyce Law and practice area attorney Lauren Piechocki on real estate matters.