Bringing you live news and features since 2013
Bringing you news, views and analysis since 2013
David Craig, Refinitiv

31091

London Stock Exchange Group to acquire Refinitiv in USD27bn all-share deal

RELATED TOPICS​

London Stock Exchange Group (LSEG) is to acquire Refinitiv, one of the world’s largest providers of financial markets data and infrastructure, in an all share transaction for a total enterprise value of approximately USD27 billion. 

The transaction will create a UK-headquartered, global financial market infrastructure (FMI) provider with a leading data and analytics business, significant capital market capabilities across multiple asset classes and a broad post-trade offering, well positioned for future growth.
 
The transaction will result in Refinitiv’s shareholders – a consortium of investment funds affiliated with Blackstone as well as Thomson Reuters – ultimately holding an approximate 37 per cent economic interest in LSEG and less than 30 per cent of the total voting rights of LSEG. Subject to among other considerations, certain regulators not having objections to proposed nominees, Refinitiv shareholders will be entitled to nominate up to three non-executive directors to the LSEG Board, two of whom will be representatives of Blackstone and one a representative of Thomson Reuters.
 
Refinitiv’s shareholders will have an important investment in the combined business and have agreed to be subject to a lock-up for the first two years following completion of the transaction, expected in the second half of 2020. In each of years three and four following completion, Refinitiv’s shareholders will become entitled to sell one-third of the shares issued to them and the lock-up will terminate on the fourth anniversary of completion.
 
Refinitiv’s Chief Executive Officer David Craig will continue in his role and join LSEG’s Executive Committee. The combined business will be chaired by LSEG’s Chairman Don Robert and led by David Schwimmer, LSEG’s Chief Executive Officer with David Warren as LSEG’s Chief Financial Officer.
 
Craig says: “LSEG’s business is highly complementary with Refinitiv’s leading global data platform, transaction and distribution network. Our aim is to capture the opportunity of data which we believe is driving unprecedented change in the global financial community. The combined business will allow us to better serve customers across all regions.
 
“Our two companies both have strong heritages, a shared approach to open access and partnership, and we are excited to work with the LSEG team to create a leading financial markets infrastructure group and to continue to invest in our business.”

Latest News

Bloomberg and General Index (GX) have announced the expansion of their strategic collaboration which builds..
EFAMA has commented on today’s vote by the European Parliament in favour of a new..
Morgan Stanley Investment Management (MSIM) has announced the launch of the MS INVF Systematic Liquid..

Related Articles

Juan Nozal, Mapfre Asset Management
Juan Nozal, Fixed Income Portfolio Manager at MAPFRE Asset Management, talks about the outlook for fixed income assets over 2024, in what he predicts will be an outstanding year for this asset class...
Juan Nozal, Fixed Income Portfolio Manager at MAPFRE Asset Management, talks about the outlook for fixed income assets over 2024,..
n response to the increased attention to climate change risk, institutional investors, asset managers, and asset owners in the US are committed to implementing a variety of measures to address climate change and reach their net-zero goals, according to Cerulli Associates...
n response to the increased attention to climate change risk, institutional investors, asset managers, and asset owners in the US..
Lord Hollick, House of Lords
A House of Lords committee has raised “significant concerns” over the role of UK regulators, their ability to operate with genuine independence from government and how they are held to account...
A House of Lords committee has raised “significant concerns” over the role of UK regulators, their ability to operate with..
Rob Edwards, Morningstar
The complexities of assessing performance from responsible investment strategies have been laid bare after Morningstar’s ESG indices delivered a mixed bag in 2023...
The complexities of assessing performance from responsible investment strategies have been laid bare after Morningstar’s ESG indices delivered a mixed..
Subscribe to the Institutional Asset Manager newsletter

Subscribe for access to our weekly newsletter, newsletter archive, updates on the site and exclusive email content.

Marketing by