TORONTO, July 14 (Reuters) - TMX Group Ltd said on Tuesday it has sold its investor relations and financial communications arm Equicom to National Public Relations, marking the first decisive move by the stock exchange operator since completing a strategic review.
TMX said in a statement that the sale, financial terms of which were not disclosed, fits into its refreshed strategy of focusing on core products and services.
Toronto-based TMX, operator of the Toronto Stock Exchange and the TSX Venture Exchange, in June completed a six month in-depth strategic review of the organization. The review began two months after Lou Eccleston stepped in as chief executive officer of the firm.
The review said key pillars of the strategy included a focus on capital formation, derivatives and market insights. The firm said it plans to be “a technology-driven solutions provider.”
In a separate statement, Res Publica-owned National said the Equicom business will be led by Ronald Alepian.
Equicom works with more than 120 public companies listed in Canada and elsewhere. (Reporting by Alastair Sharp; Editing by Nick Zieminski)