TMX to buy Equity Financial's transfer agent business
TORONTO Feb 13 (Reuters) - TMX Group will acquire Equity Financial Holdings Inc's transfer agent and corporate trust services business to broaden its portfolio of services, the Toronto Stock Exchange operator said on Wednesday.
The company said it would pay roughly $64 million for the business, which primarily helps public companies keep track of the owners of their stocks and bonds.
TMX Chief Executive Officer Tom Kloet said his company is "uniquely positioned" to build on Equity Financial's success, as this deal would allow it to build on its relationships with listed entities and the capital markets advisory community.
TMX, which also operates the TSX Venture Exchange for small-capitalization stocks, the Montreal Exchange for derivatives, and other markets, already owns businesses that offer its clients a range of services, such as investor relations and market analytics.
Equity Financial said it had decided to sell the business so that it can focus on its rapidly growing retail mortgage lending and deposit-taking operations.