London Stock Exchange (LSE) to Soon Conclude Acquisition of Refinitiv

London Stock Exchange (LSE) to Soon Conclude Acquisition of Refinitiv

The London Inventory Exchange stated Friday it will conclude its $27 billion takeover of analytics firm Refinitiv this year as it reported growth in annual revenue pushed by a jump in clearing activity.

London Stock Exchange (LSE) to Soon Conclude Acquisition of Refinitiv

The exchange’s CEO David Schwimmer also stated it was too early to evaluate the impact of the coronavirus pandemic on its global enterprise. However, like many corporations, it has imposed travel bans on some staff.

Constructive pre-notification talks with European Union competition regulators regarding the purchase of Refinitiv are underway, with Schwimmer saying he expects to submit an official application in March for clearance.

There was nothing unusual in the amount of time it was taking to earn regulatory clearance and detailed planning on combining the two companies was underway, he added.

Schwimmer said it was untimely to speculate whether the LSE might have to sell off parts of the group, such as the Milan Change, to earn clearance from Brussels. Competitor Euronext has stated it would be interested in submitting an offer for it if so.

The exchange stated total earnings from continuing operations climbed 8% to 2.314 billion pounds ($3.01 billion) in the year ended December 31, narrowly beating the 2.308 billion pounds anticipated by 13 analysts in a corporation offered an estimate.

LSE shares had been down 2.5% but ousting a 3.7% drop in the broader market on concerns about the impact of the coronavirus on the economy.

The exchange’s post-trade services arm, which includes clearer LCH and settlement and custody activities, posted a 15% rise in income.

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