(Bloomberg) — London Stock Exchange Group Plc agreed to sell Borsa Italiana to Euronext NV and two Italian lenders for more than 4.33 billion euros ($5.1 billion), in a deal that will create the largest listing venue in Europe.
LSE, which is selling Borsa Italiana to get approval from the European Union for its $27 billion Refinitiv deal, announced the transaction in a statement Friday after exclusive talks between the parties started last month.
The London exchange will sell its entire shareholding for 4.3 billion euros in cash plus an unspecified additional amount reflecting the unit’s performance through to the deal’s completion. Euronext shares fell 3.6% in morning trading and LSE shares were up 0.7%. Bloomberg News first reported the agreement Thursday.
Read more: LSE nears $5 billion Borsa sale to Euronext, Italian banks
The deal removes a major hurdle to LSE’s blockbuster tie-up with Refinitiv, which is