Intercontinental Exchange Inc.

Intercontinental Exchange Inc. in the acquisition of NGX and Shorcan Brokers from TMX Group.


Intercontinental Exchange Inc.


$931 million


Competition/Antitrust - Mergers & Acquisitions

Date Closed

December 2017

Lead Office



On December 14, 2017, Intercontinental Exchange ("ICE") completed its sale of Trayport Holdings Ltd. (“Trayport”) to TMX Group Limited ("TMX") in a transaction valued at $931 million. As part of this transaction, ICE acquired Natural Gas Exchange Inc. and Shorcan Energy Brokers Inc.

ICE is a US-based, Fortune 500 company that operates regulated exchanges, clearing houses, and listings venues for financial and commodity markets globally.

TMX is an integrated, multi-asset class exchange group that operates cash and derivative markets for multiple asset classes including equities, fixed income and energy. TMX is broadly seeking to expand its business outside of North America and create higher-value services out of the vast amount of data it generates.

Osler, Hoskin & Harcourt LLP represented ICE with a team consisting of Peter Franklyn and Jaime Auron (Competition), Blair Wiley (Securities Regulatory), Damian Rigolo (Employment & Labour) and Paul Litner (Pensions & Benefits).