TMX Group agreed on 11 June to acquire RAFI Indices from Research Affiliates for $490m in total consideration, adding a family of fundamentally weighted indices to its TMX VettaFi subsidiary.
Why TMX Group Limited is buying RAFI Indices, LLC (from Research Affiliates)
TMX said the deal more than triples TMX VettaFi's assets under indexing, from about $81bn to $263bn as of March 2026, and that revenue growth should be in line with VettaFi's high-growth range.
“Today we begin an exciting new chapter in the RAFI story.”
Deal terms and financing
The implied valuation is $393m net of a tax benefit with a net present value of about $97m, mainly from amortisable goodwill and intangibles. TMX expects the deal to add to adjusted EPS within 12 months of closing, excluding synergies, and to return to its target leverage range a year after closing.
Regulatory approvals and timing
Closing was expected by the end of the third quarter subject to regulatory approval. TMX announced completion in August 2026, FOW reported on 19 August.
Market context
RAFI's more than 90 indices weight companies by fundamental measures of size rather than market value, Markets Media noted. TMX had separately agreed in April to buy Cboe Australia and Cboe Canada.
