Britain's London Stock Exchange has agreed to buy financial information pro...
LONDON - Britain’s London Stock Exchange has agreed to buy financial information provider Refinitiv in a $27 billion deal aimed at offering trading across regions and currencies and positioning the company as a competitor to Bloomberg.
“This transaction is a defining moment for LSE in terms of its strategic importance,” its chairman Don Robert said in a statement confirming the deal, which will help LSE expand its trading business beyond shares and derivatives into currencies by taking on Refinitiv’s FXALL and matching platforms. Under the deal, Refinitiv shareholders will ultimately hold around a 37% LSE stake but less than 30% of total voting rights.
But LSE executives said they were confident the “rare and compelling” deal would make it past the regulators. While Schwimmer said it was too early to comment on possible job losses, LSE Chief Financial Officer David Warren said the areas where there were overlaps that could yield cost savings include property, technology and corporate services.The deal comes amid uncertainty over Britain’s exit from the European Union and Blackstone and Thomson Reuters run the risk that LSE shares could fall if Britain leaves without a deal.
“We are prepared for whatever may come from the various Brexit scenarios,” Schwimmer said, adding that a “global footprint” was driving the deal rather than Brexit.Blackstone’s consortium, which includes Canada Pension Plan Investment Board and Singaporean sovereign wealth fund GIC Special Investments Pte Ltd, holds a 55% stake in Refinitiv.
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