TMX Group today announced that it has sold the wireless and extranet infrastructure services business known as TMX Atrium to Intercontinental Exchange (ICE).
The decision to enter into this transaction was made within the scope of TMX's ongoing strategic initiative to streamline its organizational structure and position the company to deliver profitable long-term growth. Upon closing, TMX Atrium will become part of ICE Data Services, a leading global provider of market data solutions.
"The sale of the TMX Atrium business is the result of a shift in our strategic focus from infrastructure services to providing intellectual property-based analytics solutions that drive client investment decisions," said Eric Sinclair, President, TMX Market Insights and Group Head of Information Services. "Going forward, Atrium clients stand to benefit from the expanded global reach of the combined Atrium and Secure Financial Transactions Infrastructure (SFTI) network."
Terms of the agreement were not announced. The transaction is expected to close within 90 days, subject to receipt of regulatory approvals.
Marlin & Associates acted as exclusive strategic and financial advisor to TMX in connection with the transaction.