Source: TMX Group
TMX Group today announced it has completed the acquisition of AST Investor Services Inc. (Canada) and its subsidiary AST Trust Company (Canada), a leading provider of transfer agency, corporate trust, and related services (the "Acquisition").
The total consideration of the Acquisition was $165 million which includes $30 million of cash. The transaction was first announced in September 2020.
The Acquisition is expected to enhance the competitive position of TMX Group's TSX Trust business by adding a complementary portfolio of transfer agency, equity plan solutions, corporate trust, structured finance, and proxy-related services. By broadening the scope and scale of its service offerings, TSX Trust has strengthened its ability to serve the evolving needs of customers across the marketplace and into the future.