Three large Canadian pension funds are selling a significant chunk of their combined 25% stake in Toronto-based stock exchange operator TMX Group Ltd.

Alberta Investment Management Corp., Caisse de Dépôt et Placement du Québec, and Ontario Teachers’ Pension Plan Board announced on Monday they will each sell 1.8 million shares in TMX Group.

At $57.70 per share, the total sale is valued at about $311.6 million. The shares are being sold on an underwritten block trade basis, through a syndicate of underwriters led by Toronto-based TD Securities Inc.

The 1.8 million shares represent approximately 9.9% of TMX Group’s outstanding common shares. After the sale, each of the pension funds will continue to hold 5% of the issued and outstanding common shares of stock exchange operator. They will also each retain a seat on the TMX board.

The pension funds acquired their stake in TMX Group as part of a 2012 deal to fend off a planned merger with the London Stock Exchange, and keep the exchange operator in Canadian hands.

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