European largest stock exchange Euronext announced on Friday it will acquire the Milan-based Italy's only stock exchange from the the London Stock Exchange Group (LSEG) for 4.3 billion euros (over $5 billion) in a bid to create a leading player on Europe's capital markets
MOSCOW (Pakistan Point News / Sputnik - 09th October, 2020) European largest stock exchange Euronext announced on Friday it will acquire the Milan-based Italy's only stock exchange from the the London Stock Exchange Group (LSEG) for 4.3 billion Euros (over $5 billion) in a bid to create a leading player on Europe's capital markets.
Euronext is a Pan-European stock market operator that operates in Brussels, London, Oslo, Paris, Lisbon, Dublin and Amsterdam. It started negotiations with the LSEG on a possible sale of Milan stock operator Borsa Italiana on September 18.
"Euronext announces that it has entered into a binding agreement with London Stock Exchange Group plc ("LSEG") and London Stock Exchange Group Holdings (Italy) Limited to acquire 100% of the entire issued share capital of London Stock Exchange Group Holdings Italia SPA, the holding company of the Borsa Italiana Group (the "Proposed Combination"), for a cash consideration of ��4,325 million [$4.3 billion]," the company said in a statement.
It specified that such a deal will strengthen positions of stock exchanges on European markets and contribute to its "ambition to build the leading pan-European market infrastructure".
For its part, the LSEG said this deal would help get the EU approval on acquisition of the US-based market data provider Refinitiv for� $27 billion, an intention for which it announced in August 2019.
The sale of Milan stock exchange is expected to be completed in first half of the next year. The LSEG said it planned to obtain Refinitiv by the end of the year or early next year.
