TORONTO 鈥� TMX Group Ltd. has signed a deal to buy the 78 per cent stake in VettaFi Holdings LLC that it does not already own for $1.15 billion.
U.S.-based VettaFi provides indexing, digital distribution and analytic services to the financial services industry.
The operator of the Toronto Stock Exchange acquired a 22 per cent stake in the company earlier this year.
TMX says, combined with its strategic investments in the company in the first half of 2023, the deal announced after financial markets closed Wednesday will bring the total amount to be paid for full ownership of VettaFi to $1.4 billion.
TMX Group chief executive John McKenzie says the acquisition accelerates the company's long-term global expansion and increases the proportion of revenue from its global solutions, insights and analytics division, and from recurring sources.
The transaction is expected to close in January, subject to customary closing conditions.
This report by The Canadian Press was first published Dec. 14, 2023.
Companies in this story: (TSX:X)
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