TMX Group takes control as MEMX and BOX merge into $2.3B US exchange powerhouse

Canada’s TMX Group is making a bold play south of the border. The parent company of the Toronto Stock Exchange is combining MEMX, the upstart US exchange founded just seven years ago, with BOX Options Market to create a new entity called MEMX Group, valued at roughly $2.3 billion. TMX is putting up approximately $800 million in cash, plus its existing stake in BOX, to secure about 59% ownership of the combined company. What the new MEMX Group actually looks like The combined entity will operate three US options exchanges, one equities exchange, and a market technology business. Jonathan Kellner, the current CEO of MEMX, will lead the new company. TMX CEO John McKenzie has framed the deal around “complementary strengths and global growth.” Combined 2025 revenue is expected to hit around $280 million, with adjusted EBITDA of approximately $134 million. That’s a nearly 48% EBITDA margin. The new MEMX Group is forecasted to capture roughly 10% of US options market volume. The deal isn’t expected to close until the second half of 2027, pending regulatory approvals. The backstory matters here MEMX, short for Members Exchange, was founded in 2019 with a specific mission: shake up the US e...