We are advising BlackRock on the transaction

Davis Polk is advising BlackRock Financial Management, Inc. on its minority investment in TXSE Group Inc. Financial terms of the transaction were not disclosed. The exchange, which has raised about $120 million, plans to file registration documents with the U.S. Securities and Exchange Commission to start operating as a national securities exchange later this year.

BlackRock is one of the world’s leading providers of investment, advisory and risk management solutions. Founded in 1988 and headquartered in New York City, BlackRock is the world’s largest asset manager, with $10 trillion in assets under management as of December 31, 2023.

TXSE Group is the parent company of the Texas Stock Exchange. TXSE will focus on enabling U.S. and global companies to access U.S. equity capital markets and will provide a venue to trade and list public companies and the growing universe of exchange-traded products.

The Davis Polk corporate team includes partner Evan Rosen and associate Jack Gordge. Partner Pritesh P. Shah and associate Brette L. Trost are providing intellectual property advice. Partner Zachary J. Zweihorn and associate Mary Jane Dumankaya are providing financial institutions advice. Partner Greg Rowland is providing 1940 Act advice. Members of the Davis Polk team are based in the New York, London and Washington DC offices. 

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