LSEG successfully acquires Refinitiv 02 February 2021UK Reporter: Maddie Saghir
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The London stock Exchange Group (LSEG) has completed its all-share acquisition of Refinitiv, a global provider of financial market data and infrastructure, following its signal the ink was nearly dry.
LSEG shares have now been issued to the Refinitiv sellers in satisfaction of the consideration due under the terms of the transaction.
The deal also means Refinitiv shareholders acquired an approximate 37 per cent of economic interest and 29 per cent of voting interest in LSEG, taking into account the voting ordinary shares which are to be issued one month after completion of the transaction.
As part of this new transaction, Martin Brand and Douglas Steenland were appointed to the LSEG board as representatives of Blackstone, while Erin Brown was appointed as a representative of Thomson Reuters.
Brand is a senior managing director and serves as co-head of US acquisitions for Blackstone’s private equity group, while Steenland has been a senior adviser to Blackstone private equity group since 2009.
Brown has served in a number of senior executive roles at Thomson Reuters and is currently head of finance for the Thomson Reuters corporates segment.
All three joined the board on 29 January.
LSEG confirms that admission of the entire enlarged voting ordinary share capital of LSEG, consisting of a total of 463.84 million voting ordinary shares, to the premium segment of the official list and to trading on London Stock Exchange’s main market took place at 8am on 29 January.
Meanwhile, the 67.35 million limited-voting ordinary shares issued to the Refinitiv sellers will not be admitted to listing or trading on any market, says LSEG.
As disclosed in the prospectus from December, LSEG notes that a further 24.61 million voting ordinary shares will be issued to a group of the Refinitiv sellers one month after completion of the transaction.
David Schwimmer, CEO of LSEG, comments: “This transformational transaction brings together two highly-complementary global businesses with a shared commitment to an Open Access philosophy, working in partnership with customers”
According to Schwimmer, LSEG is focused on delivering the benefits of the transaction helping customers to access data, trading tools, analytics and risk management across the financial markets and at scale around the globe.
“LSEG is well positioned for long-term sustainable growth in a rapidly evolving landscape as a leading global financial markets infrastructure and data provider,” he adds.
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