Bank of Nova Scotia and Alberta Investment Management Corp. (AIMCo) are reducing their stake in stock exchange operator TMX Group Ltd.
Scotiabank and AIMCo have each agreed to sell 2.75 million shares in the stock exchange operator that combined represent a 9.9% stake in the company.
The TMX shares are being sold at a price of $67 per share. The buyer or buyers of the shares were not immediately identified.
TMX shares closed at $67.75 on Tuesday.
Once the sale is complete, Scotiabank and AIMCo say they will each hold less than a 5% stake in TMX and no longer be entitled to appoint nominees to the company’s board.