We are advising MEMX on the transaction

Davis Polk is advising MEMX on the combination of MEMX and BOX and TMX Group’s strategic investment in the combined company. The transaction will create a consolidated U.S. exchange group with an enterprise value of approximately $2.3 billion. Upon closing, TMX Group will hold an approximately 59% ownership interest in the combined business. The transaction is expected to close in the second half of 2027, subject to regulatory approval.

MEMX is a technology-driven exchange operator serving the global investment community. The company offers a simpler, more cost-effective and transparent way to access liquidity through its MEMX Options and MEMX Equities exchanges, as well as by licensing and operating MEMX technology for clients.

TMX Group operates global markets and builds digital communities and analytic solutions that facilitate the funding, growth and success of businesses, traders and investors. The company’s operations provide listing markets, trading markets, clearing facilities, depository services, technology solutions, data products and other services to the global financial community.

The Davis Polk corporate team includes partner Lee Hochbaum, counsel Joshua B. Pittell and associates Elizabeth Grace Osei and Sophie Liao. Partner Zachary J. Zweihorn and counsel Carl Emigholz are providing financial institutions advice. Partner Travis Triano and associate Josh (Joshua) Ehrhart are providing executive compensation advice. Partner Kara L. Mungovan is providing tax advice. Partner Pritesh P. Shah is providing intellectual property advice. Members of the Davis Polk team are based in the New York and Washington DC offices.

Copy link to share post