Cboe Global Markets Agrees to Acquire NEO

Cboe Global Markets, Inc. announced it has entered into a definitive agreement to acquire Aequitas Innovations, Inc., more commonly known as NEO, a fintech organization that comprises of a fully registered Tier-1 Canadian securities exchange with a diverse product and services set ranging from corporate listings to cash equity trading. Ownership of NEO will help allow Cboe to provide a more fulsome Canadian equities offering, operating the NEO Exchange, a national securities exchange with trading, listings and other services, in addition to MATCHNow, the alternative trading system (ATS) acquired by Cboe in 2020. Fully operational since 2015, the NEO Exchange is a Toronto-based Canadian stock exchange operator with business lines across listings, trading and market data. Its sister company, NEO Connect, provides a distribution platform supporting mutual funds, private funds and private corporates. With ownership of the MATCHNow and NEO businesses, Cboe will be able to provide a comprehensive equities platform for the Canadian markets with over 16.5% combined market share expected at close, market data feeds, access services, listings and distribution services for non-listed securities. The transaction is expected to close in the first half of 2022, subject to regulatory review and other customary closing conditions.