Merrill Lynch Canada and BMO Nesbitt Burns will jointly be receiving a $23.4-million success fee for advising the TMX Group on the Maple deal.for The Globe and Mail
Merrill Lynch Canada and BMO Capital Markets will jointly be receiving a $23.4-million success fee for advising TMX Group on the Maple deal, part of the charges that hurt the stock exchange operator's second-quarter results Friday.
TMX Group announced quarterly earnings of $1.8-million Friday, down from $54.7-million in the same period a year ago, as equity trading and new listings suffered while it booked substantial fees related to its failed merger proposal with the London Stock Exchange and its deal with Maple, which is pegged to close next week.
In addition to cutting a cheque to its financial advisers, the company paid a $29-million break fee to LSE this quarter.
Maple's financial advisors – CIBC, National Bank Financial, Scotia Capital and TD Securities – will presumably also do well off the deal.