Canada's TMX Group said it has entered into an agreement to sell its wireless and extranet infrastructure services business, TMX Atrium, to US exchange Intercontinental Exchange.

The transaction is expected to close within 90 days, subject to regulatory approvals, ICE said in a statement on Wednesday.

London-headquartered TMX Atrium provides low latency connectivity across 12 countries (more than 30 major trading venues) and ultra-low latency wireless connectivity between the Toronto, New York and Chicago metro areas.

The financial impact of the transaction will be immaterial and was included in ICE’s financial guidance for 2017, according to ICE, run by chief executive Jeff Sprecher. Terms of the agreement were not disclosed.

Following the acquisition, TMX Atrium will become part of ICE Data Services and will be integrated with the company’s STFI - a private network offering global connectivity solutions for accessing markets and data.

In addition, specialist network provider Anova Technologies will also provide secure financial transaction infrastructure (SFTI) Wireless, which offers the fastest connectivity between ICE’s Mahwah data centre and other facilities in Carteret and Secaucus, New Jersey.

 “With the addition of TMX Atrium, we are enhancing our service to customers by expanding the research and access of SFTI,” said Lynn Martin, president and COO of ICE Data Services. “This includes adding the lowest-latency connection between Toronto and New York, a key hub for North American financial market participants.”

TMX said it made the decision within the scope of TMX’s ongoing strategy to streamline its organisational structure.

“The sale of the TMX Atrium business is the result of a shift in our strategic focus from infrastructure services to providing intellectual property-based analytics solutions that drive client investment decisions,” said Eric Sinclair, president of TMX Market Insights and group head of information services.

Marlin & Associates assumed the role of financial advisor to TMX for the connection.

ICE appointed Jonathan Reeve as its global head of connectivity and consolidated feed business in November 2016. He reports to Martin, who was appointed president and COO of ICE Data Services in January 2016.

In August last year, UBS announced it was partnering with Network Time Protocal (NTP) and TMX Atrium on a new product, NPLTime. The cross-asset offering is directly connected to coordinated universal time (UTC) in order to eliminate a reliance on GPS, using TMX Atrium’s connectivity network.