London Stock Exchange says Refinitiv deal on track to close in H2 2020

Maria Nikolova

Detailed integration planning is underway to ensure delivery of Refinitiv transaction benefits.

London Stock Exchange Group plc (LSEG plc) has earlier today posted its preliminary results for 2019, with the report including an update on the progress of the Refinitiv transaction.

David Schwimmer, CEO, LSEG said the deal is on track to complete in the second half of 2020. Mr Schwimmer commented:

“Our proposed acquisition of Refinitiv, a leading provider of data, analytics and financial markets services, will significantly accelerate our strategy to be a leading global financial markets infrastructure provider. Refinitiv brings highly complementary capabilities in data, analytics and capital markets as well as deep customer relationships across a global business. Detailed integration planning is underway to ensure we are ready to deliver the benefits of the transaction to our shareholders, customers and other stakeholders. We remain on track to close the transaction in the second half of this year.”

In August 2019 LSEG announced the acquisition of Refinitiv in an all-share transaction for an enterprise value of approximately $27 billion. The proposed acquisition, which was approved by LSEG’s shareholders in November 2019, significantly accelerates LSEG’s existing strategy to be a leading global financial markets infrastructure provider. Thanks to the deal, LSEG is set to markedly expand its data and analytics offering to create a global multi-asset class capital markets business.

Shortly after the announcement of the proposed Refinitiv transaction, LSEG received an unsolicited approach from Hong Kong Exchanges and Clearing Limited (HKEX). The Board reflected fully on the conditional proposal and highlighted fundamental concerns about the deliverability, value and strategic benefit of the approach. HKEX later announced that it would not proceed with an offer.

Today, the Board of LSEG noted that it remains convinced that the Refinitiv transaction provides superior benefits. LSEG says it continues to make good progress towards achieving regulatory approvals for the deal.

LSEG incurred £16 million of non-underlying financing fees for establishing a bridge financing facility in two tranches of $9.325 billion and €3.58 billion in relation to the Refinitiv acquisition.

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