London Stock Exchange Group Completes Long Journey To Buy Refinitiv

(Alliance News) - London Stock Exchange Group PLC on Friday confirmed its USD27 billion ...

Alliance News 29 January, 2021 | 9:14AM
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(Alliance News) - London Stock Exchange Group PLC on Friday confirmed its USD27 billion acquisition for financial market data and infrastructure provider Refinitiv has been completed.

Shares in LSEG were down 0.6% in London on Friday morning at 8,620.00 pence each.

Chief Executive David Schwimmer said: "Completion of the acquisition of Refinitiv marks an important milestone in LSEG's history. I am delighted to welcome our new board directors, shareholders, executive management and all the new Refinitiv colleagues joining LSEG.

"This transformational transaction brings together two highly complementary global businesses with a shared commitment to an Open Access philosophy, working in partnership with customers. LSEG is focused on delivering the benefits of the transaction helping customers to access data, trading tools, analytics and risk management across the financial markets and at scale around the globe. LSEG is well positioned for long-term sustainable growth in a rapidly evolving landscape as a leading global financial markets infrastructure and data provider."

Now the deal is completed, LSEG has issued Refinitv about a 37% economic interest and a 29% voting interest in the stock exchange operator.

Martin Brand, Erin Brown and Douglas Steenland have also been appointed to LSEG's board.

Blackstone Senior Managing Director Martin Brand, on Friday, said: "LSEG's combination with Refinitiv creates a global leader in financial data and infrastructure. We are excited to be a long term partner to LSEG as the company continues to grow and innovate."

LSEG's total enlarged share capital - of 463.8 million - has been readmitted to trading on Friday. LSEG also noted it holds 67.4 million shares in treasury.

LSEG first announced its agreement to purchase Refinitiv in July 2019. It bought Refinitiv from Thomson Reuters Corp and a consortium of investments funds affiliated to Blackstone Group Inc. Thomson Reuters and the Blackstone funds now will own 37% of the enlarged LSEG.

LSEG, in mid-January, said the European Commission conditionally approved the deal, after previously raising concerns.

As a result, the stock exchange and clearing operator agreed to sell Borsa Italiana parent company London Stock Exchange Group Holdings Italia SpA to Euronext for EUR4.33 billion, with the sale receiving approval from LSEG shareholders in November.

The sale was an attempt to placate regulators in Europe, allowing LSEG to complete its Refinitiv acquisition. It had earlier received merger control clearances from the relevant authorities in the US, Australia, Canada and the UAE for the acquisition.

By Paul McGowan; paulmcgowan@alliancenews.com

Copyright 2021 Alliance News Limited. All Rights Reserved.

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Securities Mentioned in Article

Security Name Price Change (%) Morningstar
Rating
London Stock Exchange Group PLC 7,754.00 GBX 1.73

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