viewLondon Stock Exchange Group PLC

LSE considers sale of Borsa Italiana to get Refinitiv deal approved

LSE said it had enjoyed a good first half with revenues up by 4% to £1.06bn

London Stock Exchange Group PLC -

London Stock Exchange Group PLC (LON:LSE) has said it is considering a sale of its Borsa Italiana arm in order to get European approval for its US$27bn acquisition of data firm Refinitiv.

The deal is currently the subject of a European Commission phase II review and LSE said as part of that process it has started exploratory discussions that might result in the sale of its interest either in MTS, Borsa Italiana’s fixed income arm, or even the whole of Borsa Italiana.

The stock exchange and information group added that it now has US anti-trust clearance for the acquisition of Refinitiv and subject to all approvals being received expects to complete the deal by end of 2020 or early in 2021.

LSE also said it had enjoyed a good first half to end-June with revenues up by 4% to £1.06bn though profits were flat at £362mln (H1 2019: £363mln).

The exchange said that during the first half a total of £19.8bn of new capital had been raised through new and secondary issues with a 17% increase in value traded across its markets. LCH also saw record activity in CDS, FX and cash equities clearing, it added.

David Schwimmer, LSE chief executive, added that it had been a good financial performance and demonstrated the group's strong operational resilience. 

"We are making good progress on the proposed transaction with Refinitiv, securing a number of regulatory approvals and engaging constructively with authorities on remaining approvals,” he said in the results statement.

The group's interim dividend rises by 16% to 23.3p.

Quick facts: London Stock Exchange Group PLC

Price: 8764 GBX

Market: LSE
Market Cap: £30.79 billion

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