The combined exchange operator is expected to generate about $280 million of 2025 revenue and $134 million of adjusted EBITDA, with closing targeted for the second half of 2027.
TMX Group is set to take control of a newly formed MEMX Group through a combination of MEMX LLC and BOX Options Market that values the merged company at roughly $2.3 billion. TMX will contribute about $800 million in cash and roll over its existing BOX stake to secure approximately 59% ownership, while MEMX backers including Jane Street, Morgan Stanley, Citadel Securities, Virtu and Optiver will roll their equity into the new structure. The combined company will run three U.S. options exchanges, an equities exchange and a technology business. MEMX and BOX generated combined revenue of about $280 million in 2025, with adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) of around $134 million, implying an EBITDA margin of roughly 48%. The deal ties together MEMX, founded in 2019 as a challenger to NYSE and Nasdaq, with BOX, a hybrid market combining electronic trading and floor-based execution. MEMX has also been expanding into options through its MX2 platform, with a phased launch set to begin in September 2026. The transaction is expected to close in the second half of 2027, subject to regulatory approvals. The tie-up may also draw interest from digital-asset market participants. MEMX previously provided the technology infrastructure for EDX Markets, a digital asset exchange backed by Citadel Securities, Fidelity and Charles Schwab, highlighting that its systems were designed to support more than equities and options. TMX also has crypto market experience, having listed crypto ETFs in Canada before the U.S. approved its first spot Bitcoin ETFs. At roughly 8x 2025 revenue and 17x EBITDA, the valuation suggests investors are pricing in growth beyond the businesses’ current revenue base.