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The London Stock Exchange buys Refinitive with a $ 27 billion deal

Refinitive shareholders will end up owning a 37% stake in the London Stock Exchange. The alliance agreement values ​​Refinitive at $ 27 billion, including debt.

The acquisition comes less than a year after news and information provider Thomson Reuters ( TRI ) sold a majority stake in Refinitive to a group of investors led by private equity group Blackstone .
London Stock Exchange ( LDNXF ) and Refinitive had combined revenues of £ 6 billion ($ 7.3 billion) in 201[ads1]8. Together, the companies will be the world's largest provider of infrastructure for financial markets.

The agreement can provide the London Stock Exchange with the scale needed to compete with industry-heavy Bloomberg by combining the generated data at the exchange with Refinitive Distribution and Analysis. It will also strengthen the UK's position in foreign exchange and fixed income trading through Refinitiv's FXall and Tradeweb platforms.

Shares on the London Stock Exchange rose 6% after the deal was announced.

Bloomberg, founded by billionaire former New York City mayor Michael Bloomberg, provides data feeds and messaging services used by traders, regulators and central bankers.

Refinitive sells a competing product called Eikon.

The London Stock Exchange said it expects the deal to end in the second half of next year. Regulators are likely to review the acquisition and its potential impact on market data costs.

Investors have objected to paying higher prices for market data, some of which say they are necessary to comply with stricter regulations.

"Many trading venues have continued to increase market data fees," five investor groups wrote in a letter last year to EU regulators.

"This reflects a significant and ongoing shift in the revenue model for retail outlets, with market data now accounting for a significant and growing share of revenue," they added.

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