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LSE posts strong growth after rejecting HKEX offer

The financial markets group reaffirmed its intention to acquire financial data group Refinitiv for $27bn

The London Stock Exchange Group PLC - London Stock Exchange Group posts strong growth after rejecting offer from Hong Kong Exchanges and Clearing

London Stock Exchange Group PLC's (LON:LSE) income grew in the third quarter, in a show of strength after rebuffing a US$39bn takeover bid from Hong Kong Exchanges and Clearing (HKEX).

HKEX scrapped its bid for the LSE earlier this month after failing to win over the UK company's management and investors, who seem happy with the UK capital markets group's plan acquire financial data group Refinitiv for $27bn.

On Friday the LSE, which said it expects the deal to be completed in the second half of 2020, reported revenues up 12% to £521mln in the past three months, with its existing data services arm growing 9%.

Strongest growth was from clearing house LCH, with revenues up 22%, driven by over-the-counter division SwapClear, which helps independent customers obey regulations when they trade interest rate swaps, and continued growth in treasury income.

The bourse also announced that its chief financial officer David Warren will retire from the company by the end of 2020, after the Refinitiv acquisition has closed to ensure a smooth transition to his successor.

LSE shares were up 1% to 7,164p in early trading.

Quick facts: The London Stock Exchange Group PLC

Price: 7898 GBX

LSE:LSE
Market: LSE
Market Cap: £27.61 billion
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