TMX Group, the parent of the Toronto Stock Exchange, announced a definitive agreement on July 30, 2026, to make a strategic investment in MEMX, an exchange operator and market technology provider. Concurrently, BOX, a U.S. equity options market with electronic and floor-based trading, will be combined with MEMX. The transaction is intended to create a consolidated U.S. exchange group with an implied enterprise value of approximately US$2.3 billion, reported by TMX Group as approximately $3.2 billion. 

The new entity will be funded through an approximately US$800 million equity investment from TMX Group, the rollover of TMX Group’s existing equity interest in BOX, committed rollovers by certain MEMX and BOX investors, and an investment from a new financial partner. After closing, TMX Group is expected to hold an approximately 59 percent ownership interest in the combined business, while Jonathan Kellner, chief executive officer of MEMX, will lead the combined company. 

The combined business is expected to operate three U.S. listed options exchanges, one U.S. equities exchange and a market technology business, representing approximately 10 percent of U.S. listed options volume. Davis Polk & Wardwell LLP says the transaction is expected to close in the second half of 2027, subject to regulatory approval.