Toronto-based TMX Group Ltd. announced on Wednesday that it has sold its wireless and extranet infrastructure services business to New York City-based Intercontinental Exchange (ICE) Inc.
The decision to sell this business, known as TMX Atrium, is a part of the TMX Group’s ongoing strategic initiative to streamline its organizational structure, according to the announcement.
“The sale of the TMX Atrium business is the result of a shift in our strategic focus from infrastructure services to providing intellectual property-based analytics solutions that drive client investment decisions,” says Eric Sinclair, president of TMX Market Insights and group head of information services, in a statement.
“Atrium clients stand to benefit from the expanded global reach of the combined Atrium and [ICE’s] Secure Financial Transactions Infrastructure network,” he adds.
The terms of the agreement were not announced. The transaction is expected to close within 90 days and it subject to receipt of regulatory approvals.