The EU offers London Stock Exchange the green light for a $27 billion takeover of data business Refinitiv
- The European Commission said Wednesday it has authorized the London Stock market Group’s (LSEG) acquisition of data business Refinitiv for $27 billion.
- The deal to buy Refinitiv goes through a number of conditions, including the sale of LSEG’s Borsa Italiana operations.
- ” The Commission for that reason concluded that the transaction, as modified by the commitments, would no longer raise competitors concerns,” the European Commission said in a declaration
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EU antitrust regulators have actually okayed to the London Stock Exchange’s $27 billion acquisition of data business Refinitiv, subject to a number of conditions including the sale of its Borsa Italiana operations.
The European Commission, which oversees competitors policy in the 27- nation European Union, said in a news release on Wednesday that the purchase had been approved after its examination discovered a number of issues.
To address them, the LSE Group (LSEG) has concurred to divest its 99.9% stake in the Borsa Italiana group and to continue offering its international non-prescription rates of interest derivative (OTC IRD) clearing services carried out by LCH Swapclear on an open access basis.
It has also accepted provide access to the LSE location information, FTSE UK Equity Indices, and WM/R FX standards to all existing and future downstream rivals.
The period of the OTC IRD and financial information commitments is 10 years.
” The dedications provided by LSEG completely address the competitors concerns raised by the proposed deal,” the Commission stated in a declaration.
” The Commission therefore concluded that the deal, as modified by the dedications, would no longer raise competitors concerns.”
Executive Vice-President Margrethe Vestager, in charge of competition policy, stated: “Infrastructure competitors in trading services and access to financial information products on reasonable and equivalent terms is vital for the European economy and in particular for consumers and organizations.
” Today, we can authorize the suggested acquisition of Refinitiv by LSEG due to the fact that LSEG offered dedications that will guarantee that the markets will remain open and competitive and the acquisition will not lead to greater rates or less choice and innovation for these products.”
( the headline, this story has actually not been released by Essential India News staff and is published from a syndicated feed.).