Canadian exchange group TMX has entered a support agreement with Maple Group Acquisition Corporation (Maple) that would see TMX bought by Maple under a two-step transaction valued at approximately C$3.8 billion. The TMX Group board cited the opportunity to create an integrated exchange and clearing group, as well as cost savings and cross margining benefits to market participants arising from the integration of Canadian clearer CDS into the new, merged company. "This is a unique opportunity to create an integrated exchange and clearing group that can provide efficiencies and new capabilities for the benefit of all market participants," said Tom Kloet, CEO, TMX Group. "The investment in our company by leading Canadian pension funds and financial institutions will contribute to the success of our business and will strengthen our ability to compete and grow in the highly competitive global exchange sector." The move is a major departure for TMX, which had previously resisted all of Maple's advances.