The Canadian Securities Exchange (CSE) is broadening its horizons with a deal to acquire Australia’s NSX Limited, owner of the National Stock Exchange of Australia (NSXA).
The deal marks a significant international expansion for the CSE, which is known for serving early-stage and entrepreneurial companies in Canada.
It aims to replicate that success in Australia, where the NSXA is similarly focused on small-cap and resource-focused issuers.
The all-cash transaction that values each fully paid ordinary share at A$0.035, representing a 59% premium to NSX’s closing price on May 16.
The agreement, structured as a Scheme of Arrangement, will see CSE acquire approximately 95.2% of NSX’s ordinary shares, following its earlier purchase of a 4.8% stake on May 7.
“This transaction enables the CSE to expand its reach and builds on our success in attracting global listings,” said CSE CEO Richard Carleton. “The NSXA, working with us, is poised to execute a similar plan in Australia.”
The NSXA will continue to be managed locally under Max Cunningham, who serves as Managing Director and Chief Executive Officer. Cunningham said the deal would provide NSX with the financial strength, operational stability, and international expertise needed to better compete in Australia’s capital markets.
“The Canadian experience demonstrates that one exchange size does not fit all,” Cunningham said. “Issuers and investors in Australia are keen to see a dynamic alternative to the larger, legacy incumbent.”
The CSE said the acquisition would foster collaboration between the two exchanges, with potential for dual listings and shared services across both markets.
The deal is expected to close in the third quarter of 2025.