LSE expects Refinitiv deal to close in Q1
Friday 23 October 2020
The London Stock Exchange said on Friday it expects to close its $27 billion purchase of Refinitiv in the first quarter of next year.
The deal will expand LSE’s trading business and make it a major distributor and creator of market data. The transaction was announced last year but ran into regulatory hurdles in Europe as regulators raised concerns about its market share in European bond trading.
LSE this month agreed the sale of Borsa Italiana as part of remedies to appease the European Union’s antitrust authorities.
“We continue to engage constructively with the European Commission and believe the potential divestment of the Borsa Italiana group will contribute significantly to addressing the EU’s competition concerns,” LSE chief executive David Schwimmer said.
Reporting forecast-beating third quarter income, the LSE said Refinitiv, which is 45 per cent owned by Reuters parent Thomson Reuters, is on track to hit $650 million in annual cost savings by the end of the year.
The LSE said its total income climbed to £600 million for the three months ended 30 September, beating an analyst consensus of £592 million. ■