London Stock Exchange Group (LSEG) has agreed to acquire financial data provider Refinitiv in an all-stock transaction worth $27bn.
The four core customer segments serviced by Refinitiv are trading, investment and advisory, wealth, as well as risk management.
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Previously part of Thomson Reuters, Refinitiv is currently controlled by a consortium led by private equity firm Blackstone.
The consortium includes Canada Pension Plan Investment Board (CPPIB) and Singaporean sovereign wealth fund GIC.
Currently, Refinitiv has a client base of more than 40,000.
LSEG believes that the takeover of Refinitiv would make it a “leading, UK headquartered, global financial markets infrastructure (“FMI”) provider with a leading data and analytics business, significant capital markets capabilities across multiple asset classes, and a broad post-trade offering”.
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By GlobalDataUnder the agreement, shareholders of Refinitiv will own a stake of nearly 37% in LSEG and less than 30% of LSEG’s total voting rights.
The deal is pending shareholder and regulatory approvals and slated to close in the second half of next year.
LSEG chairman Don Robert, CEO David Schwimmer, and CFO David Warren will head the merged entity in their existing roles.
Refinitiv CEO David Craig will continue to serve in the same position and become a member of the executive committee at LSEG.
Schwimmer noted: “Refinitiv brings highly complementary capabilities in data and capital markets, as well as deep customer relationships across a truly global business. We share a commitment to open access and to partnering with our customers to deliver innovative solutions across the financial markets value chain.
“Our shareholders and customers will benefit from attractive top line growth prospects, substantial cost and revenue synergies, as well as ongoing efficiency initiatives, and this transaction will ensure we are well positioned for future growth in an evolving landscape.”
