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    LSE   GB00B0SWJX34

LONDON STOCK EXCHANGE PLC

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London Stock Exchange Group Sells Italian Exchange for $5.1 Billion, Paving Way for Refinitiv Deal

10/09/2020 | 03:41am EDT

By Anna Isaac and Ben Dummett

London Stock Exchange Group PLC agreed Friday to sell Borsa Italiana Group to a group led by pan-European rival Euronext NV, a divestment meant to smooth approval of its separate, much larger, acquisition of financial-data company Refinitiv Holdings Ltd.

The deal, priced at around 4.33 billion euros, equivalent to $5.09 billion, is aimed at alleviating antitrust concerns about the potential bond-trading dominance of the proposed $15 billion tie-up between LSE and Refinitiv.

Borsa Italiana's MTS SpA is the leading bond exchange in Italy, one of Europe's largest debt markets. Refinitiv owns bond-trading platform TradeWeb.

"This removes a major hurdle towards the deal, and may also generate some political goodwill," said Chris Turner, equity analyst at Berenberg Bank ahead of Friday's announcement.

Euronext leads a consortium of buyers that includes an investment arm of the Italian government and Italian bank Intesa Sanpaolo SpA. The deal price includes an unspecified payment based on cash generated by the Italian exchange through the deal's completion, the companies said. The Italian government had previously signaled that it would favor a deal in which Italy would retain some ownership of the exchange.

LSE's deal to acquire Refinitiv is under review by the European Commission.

Write to Barcelona Editors at barcelonaeditors@dowjones.com

(END) Dow Jones Newswires

10-09-20 0340ET

Stocks mentioned in the article
ChangeLast1st jan.
EURONEXT N.V. -1.47% 97.45 Real-time Quote.20.17%
INTESA SANPAOLO S.P.A. -0.32% 2.4635 Delayed Quote.29.25%
LONDON STOCK EXCHANGE PLC -2.14% 7390 Delayed Quote.-16.14%
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Analyst Recommendations on LONDON STOCK EXCHANGE PLC
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Financials
Sales 2021 6 911 M 9 439 M 9 439 M
Net income 2021 1 287 M 1 757 M 1 757 M
Net Debt 2021 6 073 M 8 294 M 8 294 M
P/E ratio 2021 34,4x
Yield 2021 1,18%
Capitalization 42 061 M 57 662 M 57 447 M
EV / Sales 2021 6,96x
EV / Sales 2022 6,43x
Nbr of Employees 5 554
Free-Float 57,6%
Chart LONDON STOCK EXCHANGE PLC
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London Stock Exchange plc Technical Analysis Chart | LSE | GB00B0SWJX34 | MarketScreener
Technical analysis trends LONDON STOCK EXCHANGE PLC
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TrendsBearishNeutralNeutral
Income Statement Evolution
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Mean consensus OUTPERFORM
Number of Analysts 16
Last Close Price 7 554,00 GBX
Average target price 9 014,13 GBX
Spread / Average Target 19,3%
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Managers and Directors
David Adam Schwimmer Group Chief Executive Officer & Executive Director
Anna Olive Magdelene Manz Chief Financial Officer & Director
Donald Austin Robert Chairman
Anthony McCarthy Chief Information Officer
David Shalders Chief Operating & Integration Officer
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