london stock

                   David Craig

London Stock Exchange (LSEG) has entered into an agreement to acquire the Blackstone and Thomson Reuters-backed enterprise Refinitiv for an approximate value of $27 billion USD.

David Craig, CEO, Refinitiv, said: “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.”

According to a statement, the acquisition will bring together the combined capabilities of both businesses and is expected to facilitate the creation of global financial markets infrastructure with features including a post-trade offering, capital market capabilities across multiple asset classes as well as data content expansion.

David Schwimmer, CEO, LSEG, said: “With the acquisition of Refinitiv, we will transform our position as a leading global Financial Markets Infrastructure group. 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.”

The acquisition is expected to strengthen LSEG’s position in the financial market infrastructure group, enhance its customer proposition as well as create a multi-asset capital markets business with foreign exchange and fixed income venues.

It will be chaired by Don Robert, LSEG’s Chairman, and led by David Schwimmer as Chief Executive Officer, with David Warren as Chief Financial Officer. David Craig will join LSEG’s Executive Committee and continue as Chief Executive Officer of Refinitiv.

by Megha Bhattacharya
Market Analyst at IBS Intelligence