FT Partners Advises Alpha in its Acquisition by the Maple Group
Overview of Transaction
- On April 30, 2012, Maple Group Acquisition Corporation ("Maple") and TMX Group ("TMX") announced agreements for Maple to acquire Alpha Trading Systems Inc. ("Alpha") for an aggregate consideration of C$175 mm
- Maple's investors comprise 13 Canadian financial institutions and pension funds
- Maple and TMX also announced an agreement to acquire The Canadian Depository for Securities ("CDS") for an aggregate consideration of C$167.5 mm
- Maple completed the acquisitions of Alpha and CDS on August 1, 2012
- Maple's acquisition of TMX Group for approximately C$3.8 bn was dependent on the acquisitions of Alpha and CDS
- Maple, a consortium of Canadian bank-owned dealers, large Canadian financial institutions and Canadian pension funds, was established in May 2011 to acquire the TMX in order to thwart London Stock Exchange's attempted merger with TMX
- The overarching goal of combining of TMX, Alpha and CDS is to realize a stronger and more globally competitive exchange and clearing organization, all while operating mainly within Canada
- FT Partners advised Alpha in its strategic and financial negotiations held with Maple and its advisors