The LSE seals $27bn purchase of Refinitiv as technology beckons

London — The London Stock Exchange Group agreed on Thursday to snap up Refinitiv in a $27bn blockbuster deal, betting on a future dominated by data as the three-century-old exchange seeks to extend its global reach.

Yet, it comes with risks: the firm will take on a $13.5bn bridge loan to cover Refinitiv’s debts, which will lead to leverage above targets in the short term. The LSE also raised the possibility of asset sales to meet worldwide regulatory approval, a process that could take more than a year. The UK’s potential hard Brexit in October could create further anti-trust headwinds.

The plan will need regulatory approval in multiple countries, Schwimmer said, adding there are “no plans or intentions around divestiture”. The LSE said in a statement that it might be required to make divestments, which could be material. Refinitiv will get a break fee of £198.3m if clearances are not obtained.

Refinitiv’s products also include the Eikon terminal and the trading-execution system Redi. Bloomberg, the parent of Bloomberg News, competes with Refinitiv to provide financial news, data and information.

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