The London Stock Exchange Group (LSE) has confirmed that it is in advanced talks to buy Refinitiv in a US$27 billion deal that would turn it into a global exchanges and data powerhouse.
Discussions between the parties were first revealed by the Financial Times on Friday, July 26.
The acquisition of Refinitiv, carved out of Thomson Reuters only last year in a deal with Blackstone, would transform the LSE into the main rival to billionaire Michael Bloomberg’s financial news and data empire with annual combined revenues of more than £6 billion (US$7.4 billion).
In a statement issued after Friday midnight in London, the LSE stated it would pay for the transaction entirely with the issuance of new shares. That will result in Refinitiv shareholders owning about 37% of the combined group, though they will have less than 30% of its voting rights.
Full Content: Financial Times