LSE Seals $5 Billion Borsa Sale to Euronext, Italian Banks

(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.

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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

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LSE Expected to Approve Borsa Sale to Euronext on Thursday: Sources | Investing News

MILAN (Reuters) – The board of the London Stock Exchange

is expected to approve on Thursday a binding offer by pan-European bourse operator Euronext

for the Milan stock exchange, three sources familiar with the matter said.

LSE entered exclusive talks with Euronext last month, after the Paris bourse owner saw off competition from Deutsche Boerse

and Swiss rival SIX for Borsa Italiana.

LSE is selling Borsa as part of regulatory remedies to see through its $27 billion purchase of data provider Refinitiv, which is 45% owned by Thomson Reuters
, the parent company of Reuters News.

The sale of Borsa, which is contingent on the Refinitiv deal going through, is politically sensitive in Italy due to Borsa’s ownership of MTS, the bond platform which handles trading of Italy’s 2.1 trillion euro ($2.5 trillion) government bonds.

To secure the backing of the Rome government, Euronext has teamed up with state agency

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