Sales League Table 2020 | Banking Technology Winners

Results Announced!

IBS Intelligence launches BankTech Daily News

Subscribe today. Limited time offer.

The Black Swan Opportunity | Get your bank digital ready.

IBSI Special 5 Digital Report Package with Special Offer. Subscribe now

India FinTech Report 2020

Insights into the historical and projected market size of key FinTech categories. Subscribe now

Hong Kong Exchanges offers to buy London Stock Exchange for about $39 bn

London Stock ExchangeThe Hong Kong Exchanges and Clearing Ltd (HKEX) has offered to buy the London Stock Exchange Group Plc (LSE) for an enterprise value of £31.6 billion ($39 billion), it said in a statement on Wednesday.

HKEX believes the combination of the two bourses will create a “global market infrastructure leader” and the proposed combination would strengthen both the businesses and position them to innovate across geographies.

The deal, however, is contingent on the condition that LSE’s recent deal to acquire data company Refinitiv is either rejected or terminated.

In response to the HKEX’s offer, LSE said that it is committed to and is making good progress on its proposed acquisition of Refinitiv.

The LSE announced in August that it has agreed to buy Refinitiv in a $27 billion deal aimed at transforming the exchange into a market data and analytics giant.

Under the proposed deal, the shareholders of the London bourse will get 2,045 pence in cash and 2.495 newly issued HKEX shares for every LSE share they hold. The deal, which values the entire capital of LSE at about £29.6 billion, is at a premium of about 22.9% to the Sept.10 closing share price of 6,804 pence per LSE share, HKEX said.

“We believe a combination of HKEX and LSEG represents a highly compelling strategic opportunity to create a global market infrastructure group, bringing together the largest and most significant financial centres in Asia and Europe. Following early engagement with LSEG, we look forward to working in detail with the LSEG Board to demonstrate that this transaction is in the best interests of all stakeholders, investors and both businesses,” said Laura Cha, Chairman of HKEX.

The deal will enable the creation of extensive data sets for global investors, through the combination of LSE’s global data and analytics capabilities and distribution channels, and HKEX’s access to China.

Following the closing of the deal, the management of LSE is expected to continue to operate the businesses and to participate in HKEX Group management. HKEX also said that it intends to apply for a secondary listing on the LSE post the completion of the merger. The deal will be financed through a combination of cash resources and new credit facilities.

Related IBS Intelligence Research

Related Posts


OpenPayd releases crypto banking and payments service

API-led Banking-as-a-Service provider, OpenPayd has released its banking and payments solution for digital currency businesses. The service is expected to provide cryptocurrency businesses with access to a range of banking and payment networks. According to OpenPayd, the platform will offer crypto businesses with access to crypto-friendly banking, simplified cryptocurrency purchase, fiat and digital currency exchange […]

This post is only available to members.

Read More »

Adyen expands acquiring capabilities to Malaysia

Adyen, an Amsterdam-based global payments platform, announced the expansion of its acquiring capabilities to include Malaysia. The company has launched its acquiring solution in Malaysia to help local businesses achieve higher authorization rates, better customer experience, and deeper data insights as the Malaysian market transitions to online payments. “Rolling out our acquiring solution in Malaysia demonstrates […]

This post is only available to members.

Read More »

AeroPay unveils compliant digital payments for Legal Cannabis businesses

AeroPay, a disruptive FinTech reimagining the way money is moved in exchange for goods and services, has announced the launch of a suite of compliant digital payments solutions for state-legal cannabis businesses throughout the United States. AeroPay serves businesses in various industries ranging from nonprofits to restaurants and retail to e-commerce sites. The suite of […]

This post is only available to members.

Read More »
FlexiGroup Limited, FXL, Australia

flexigroup appoints forme NAB executive Jason Murray as its CFO

Sydney-based FlexiGroup (flexigroup) announced today the appointment of Jason Murray as its Chief Financial Officer, commencing on July 9, 2020, replacing outgoing CFO Ross Aucutt. flexigroup is a diversified full-service payments company with offerings in ‘Buy Now, Pay Later’, revolving credit and SME finance. Serving a broad footprint of millennial spenders, young families and small […]

This post is only available to members.

Read More »

Research shows 37% of Brits unprepared for economic downturn

YouGov’s research has revealed that the COVID-19 pandemic has left 37% of Brits or 19.4 million people unsure and unprepared for an economic downturn. It showed that 49% of the population that falls within the Gen-Z age group and 49% of Millenials are least likely to be prepared for a potential downturn as compared to […]

This post is only available to members.

Read More »
Heritage Bank, Australia

Heritage Bank brings Apple Pay to customers in Australia

Australia’s Heritage Bank, a customer-owned bank, announced today that it brings its customers Apple Pay, which is a safe, secure and private way to make payments. This is expected to help customers avoid handing their payment card to someone else, touching physical buttons or exchanging cash. Peter Lock, CEO, Heritage Bank enthused, “We are thrilled […]

This post is only available to members.

Read More »