LSE and TMX agree merger
(10 February 2011 – Global) London Stock Exchange Group plc (LSE) and TMX Group Inc. (TMX) today announced an agreement to combine Europe's and Canada's leading diversified exchange groups in an all-share merger of equals.
The merger will create a world-leading organisation and is unanimously being recommended by the Boards of both LSEG and TMX.
The combined transatlantic group 'LSEG-TMX' or the 'Merged Group' will be jointly headquartered in London and Toronto and will offer an international gateway, leading global pools of capital formation and liquidity together with a unique portfolio of highly complementary markets, products, technologies and services.
The boards of the two companies said in a statement that the merger is strategically compelling and will create a more diversified business with greater scale, scope, reach and efficiencies, generating substantial benefits for all stakeholders.
Commenting on today's announcement, Chris Gibson-Smith, chairman of London Stock Exchange Group plc said that they were announcing the creation of a global leader in the exchange space.
"Building on our own shared long histories of excellence in capital markets, financial strength and cultures of internationally respected governance, I believe that together we will be able to offer shareholders and customers a business significantly greater than the sum of our parts. This merger comes at a hugely important time in the history of capital markets," Mr Gibson-Smith said.
Wayne Fox, Chairman of TMX Group added to Mr Gibson-Smith’s comments, saying that the two highly successful and profitable institutions were joining forces to create a more diversified and international company.
"This merger of equals will benefit shareholders, issuers, customers, employees and other stakeholders of both organisations. As important, it will have a positive impact on the business communities in Canada, the UK and Italy. I look forward to working with my fellow directors and the combined team to create one of the world's leading exchange groups.'
The Board of the Merged Group will consist of fifteen directors, eight to be nominated by LSEG (of which it is envisaged three will be from Borsa Italiana), and seven to be nominated by TMX. Wayne Fox will be the non-executive Chairman of the Board of the Merged Group, and Chris Gibson-Smith and Paolo Scaroni will be Deputy Chairmen. Chris Gibson-Smith remains as Chairman of London Stock Exchange plc.
The combined transatlantic group 'LSEG-TMX' or the 'Merged Group' will be jointly headquartered in London and Toronto and will offer an international gateway, leading global pools of capital formation and liquidity together with a unique portfolio of highly complementary markets, products, technologies and services.
The boards of the two companies said in a statement that the merger is strategically compelling and will create a more diversified business with greater scale, scope, reach and efficiencies, generating substantial benefits for all stakeholders.
Commenting on today's announcement, Chris Gibson-Smith, chairman of London Stock Exchange Group plc said that they were announcing the creation of a global leader in the exchange space.
"Building on our own shared long histories of excellence in capital markets, financial strength and cultures of internationally respected governance, I believe that together we will be able to offer shareholders and customers a business significantly greater than the sum of our parts. This merger comes at a hugely important time in the history of capital markets," Mr Gibson-Smith said.
Wayne Fox, Chairman of TMX Group added to Mr Gibson-Smith’s comments, saying that the two highly successful and profitable institutions were joining forces to create a more diversified and international company.
"This merger of equals will benefit shareholders, issuers, customers, employees and other stakeholders of both organisations. As important, it will have a positive impact on the business communities in Canada, the UK and Italy. I look forward to working with my fellow directors and the combined team to create one of the world's leading exchange groups.'
The Board of the Merged Group will consist of fifteen directors, eight to be nominated by LSEG (of which it is envisaged three will be from Borsa Italiana), and seven to be nominated by TMX. Wayne Fox will be the non-executive Chairman of the Board of the Merged Group, and Chris Gibson-Smith and Paolo Scaroni will be Deputy Chairmen. Chris Gibson-Smith remains as Chairman of London Stock Exchange plc.
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