Cboe Global Markets acquires Canada-based fintech NEO

Cboe Global Markets Inc. has completed its acquisition of financial technology company NEO, which operates a Canadian securities exchange and a non-listed securities distribution platform.

Cboe funded the acquisition with existing credit facilities and cash on hand. Although the terms of the deal were not disclosed, the purchase price is not material from a financial perspective and is expected to be nominally accretive in the next 12 months, according to a news release.

The company announced in November 2021 that it had agreed to purchase Aequitas Innovations Inc., more commonly known as NEO.

NEO's president and senior vice president of global listings, Jos Schmitt, will remain head of the NEO business while also leading Cboe's global listings strategy. Bryan Blake, vice president of Canadian equities, will lead the transaction side of the NEO business.