TORONTO -- The Bank of Nova Scotia and Alberta Investment Management Corp. are reducing their stake in TMX Group Ltd.
Scotiabank (BNS.TO) and AIMCo have each agreed to sell 2.75 million shares in the stock exchange operator that combined represent a 9.9 per cent stake in the company.
The shares (X.TO) are being sold at a price of $67 per share. The buyer or buyers of the shares were not immediately identified.
TMX shares closed at $67.75 on Tuesday.
Once the sale is complete, Scotiabank and AIMCo say they will each hold less than a five per cent stake in TMX and no longer be entitled to appoint nominees to the company's board.
AIMCo manages investments on behalf of 32 pension, endowment and government funds in Alberta, while Scotiabank is one of Canada's largest banks.