Read more about London Stock Exchange to sell Borsa Italian to Euronext for $5.1 billion on Business Standard. LSE, which is selling Borsa Italiana to get approval from the European Union for its $27 billion Refinitiv deal, announced the transaction in a statement Friday
Group Plc agreed to sell Borsa Italiana to Euronext NV and two Italian lenders for more than 4.33 billion euros ($5.1 billion), in a deal that will create the largest listing venue in Europe. LSE, which is selling Borsa Italiana to get approval from the European Union for its $27 billion Refinitiv deal, announced the transaction in a statement Friday after exclusive talks between the parties started last month. The London exchange will sell its entire shareholding for 4.3 billion euros in cash plus an unspecified additional amount reflecting the unit’s performance through to the deal’s completion. Euronext shares fell 3.6% in morning trading and LSE shares were up 0.7%. Bloomberg News first reported the agreement Thursday. The deal removes a major hurdle to LSE’s blockbuster tie-up with Refinitiv, which is facing regulatory scrutiny, while the addition of the Milan bourse will transform Euronext’s footprint giving it a quarter of all equity trading in Europe, including listings for 28 of the Euro Stoxx 50 companies. The transaction, which will only take place if European authorities bless LSE’s Refinitiv deal, also gives Paris-listed Euronext a clearinghouse for the first time as well as a securities depository, stock exchange and bond platform.
