UK Company Histories

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How LSEG added Refinitiv and sold Borsa Italiana

London Stock Exchange Group completed its Refinitiv acquisition on 29 January 2021. It sold Borsa Italiana to Euronext three months later as part of the competition commitments for the deal.

Sources checked

UK Company Histories Editorial Team

Follow the data acquisition and exchange saleLSEG and Refinitiv acquisition and Borsa Italiana disposal milestones
  1. 1 August 2019
    Refinitiv acquisition proposed

    LSEG announced an all-share purchase. Source 1

  2. 9 October 2020
    Borsa Italiana sale agreed

    LSEG agreed the proposed disposal to Euronext. Source 2

  3. 13 January 2021
    Commission granted conditional approval

    LSEG committed to the exchange divestment and access measures. Source 3

  4. 29 January 2021
    Refinitiv acquisition closed

    Refinitiv became part of LSEG. Source 3

  5. 29 April 2021
    Borsa Italiana purchase closed

    Euronext completed its acquisition of the Italian group. Source 4

The Refinitiv purchase closed before Euronext completed the Borsa Italiana purchase.

Source 1 Source 2 Source 3 Source 4 Source 5

Refinitiv added financial data and trading services

LSEG presented the proposed combination as an expansion of its financial market infrastructure and data activities. The 2019 announcement described an all-share transaction. The Commission records Refinitiv joining the LSEG group in January 2021. Source 1 Source 3

The exchange sale formed part of the remedies

The Commission decision covered divestment of LSEG's interest in Borsa Italiana alongside access commitments. The latter included access to specified LSE real-time venue data, FTSE Russell UK equity indices and foreign-exchange benchmarks for downstream competitors. Source 3

The two deals closed on separate dates

LSEG closed the Refinitiv acquisition on 29 January. Euronext reported completing its Borsa Italiana purchase on 29 April. The LSEG proposal had described a base consideration of EUR 4.325 billion, with adjustments set out in the transaction terms. Source 3 Source 4 Source 2

The accounts use reported and pro forma periods

LSEG's 2021 reported results included Refinitiv from the acquisition date. Its pro forma comparison assumes the acquisition happened on 1 January 2020. LSEG separately treated Borsa Italiana as a discontinued operation for the reported comparison. Source 5

Sources

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