LSE Group rockets to record high after Refinitiv agrees all-share tie-up

Shareholders in Refinitiv have agreed to definitive terms with the London Stock Exchange Group that will see the financial data and information provider acquired in an approximately $27.0bn all-share transaction.

As a result, Refinitiv's shareholders, a consortia of investment funds affiliated with Blackstone and Thomson Reuters, will own 37% of the LSE Group and less than 30.0% of the voting rights in the LSE.

To take note of, Refinitiv shareholders agreed to a two-year 'lock-up' starting from transaction completion which was expected in the back-half of 2020.

In years three and four, they would be able to sell one-third of their shares in each of those years with the lock-up expiring on the fourth anniversary of the transaction's close.

Subject to regulatory approval, they would also be eligible to name three non-executive dircetors to the new board, two of whom would represent Blackrock and the third one Thomson Reuters.

As of 1124 BST, shares of LSE Group were ahead by 6.82% to an all time-high of 7,078.0p.

-- More to follow --