TSX operator TMX Group snaps up remaining 78% stake in VettaFi for $848m
TMX Group, operator of the Toronto Stock Exchange (TSX), has taken full ownership of VettaFi having acquired the remaining 78% stake in the firm for $848 million (CAD 1.15 billion).
TMX Group takes full ownership of VettaFi
The deal comes after the group initially paid $175 million (CAD 234 million) for approximately 22% of the US-based indexing and analytics company on 9 January.
It says it plans to finance its latest purchase with bank debt through term loans of up to $1 billion (CAD 1.36 billion), and will have paid a total of $848 million (CAD 1.15 billion) when the deal completes, which is expected next month.
Following the deal, VettaFi will join the group’s global solutions, insights and analytics unit. TMX Group will also assume $100 million (CAD 136 million) of VettaFi’s debt in return.
John McKenzie, CEO of TMX Group, says the acquisition of VettaFi “increases the depth and value of data-driven insights we provide to clients”.
He claims it will accelerate the group’s “long-term global expansion” and anticipates the move will boost the revenue of its global solutions, insights and analytics unit.
Founded in May 2022 by teams from ETF Trends, ETF Database, Alerian and S-Network Global Indexes, New York City-based VettaFi provides ETF insights, indexing and analytics services for asset managers and investors.
