London
The London Stock Exchange has agreed to sell Milan’s Borsa Italiana stock exchange to Euronext for 4.3 billion euros ($5 billion). LSE confirmed it had entered exclusive discussions with pan-European bourse operator Euronext about the sale of the Borsa Italiana group last month.
It comes after LSE reached definitive terms to purchase data provider Refinitiv for $27 billion. The European Commission, the EU’s executive arm, has opened an in-depth investigation to consider the terms of the proposed transaction.
The sale of Borsa Italiana is dependent on, among other things, the Refinitiv transaction going through. “We continue to make good progress on the highly attractive Refinitiv transaction and we are pleased to have reached this important milestone,” David Schwimmer, CEO of LSE Group, said in a statement. “We believe sale of Borsa Italiana group will contribute significantly to addressing EU’s competition concerns.”—Agencies
