Our Toronto and Sydney offices advised the Canadian Securities Exchange (CSE) on its agreement with NSX Limited, parent company of the National Stock Exchange of Australia (NSXA), to acquire NSX pursuant to a scheme of arrangement for an all-cash consideration of AUD$0.035 per fully paid ordinary share.  The price represents a 59% premium to the closing price of NSX’s ordinary shares on May 16, 2025, the last day of trading prior to the announcement. Under the scheme, CSE will acquire approximately 95.2% of the ordinary shares, having acquired approximately 4.8% of the ordinary shares in NSX on May 7, 2025.

The transaction, which is subject to CSE and NSX shareholder approval and certain other conditions, is expected to close in September 2025.

This acquisition enables the CSE to expand its geographic footprint by partnering with an exchange that has a similar focus and culture. Like the CSE, the NSXA is primarily focused on early-stage, entrepreneurial companies, with particular strength in the resource sector. The NSXA is positioned to disrupt a market currently dominated by an incumbent, legacy exchange, as the CSE was over 20 years ago.

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