The London Stock Exchange Group PLC (LSE:LSEG) plans to sell a group of assets known as BETA+ for US$1.1bn to private equity firm Motive Partners and investment firm Clearlake Capital Group, which is also in the running to buy Chelsea Football Club.
The deal is expected to complete in the second half of the year.
The BETA+ technology platforms deal with securities processing, custody, clearing, and asset servicing, as well as cost and tax basis reporting software, and front-end client solutions.
In addition, Motive and Clearlake have formed a new long-term partnership whereby LSEG will supply BETA+ and the other portfolio companies of the sponsors with content, data, and tools.
LSEG said its data and analytics business will now target mid-single digit annual revenue growth in the medium term following the divestment of BETA+.