Thomson Reuters said in August it would own 15% of LSE following the deal.Obtaining regulatory approval for the deal is likely to be a lengthy process and some assets may need to be sold, a source familiar with the deal told Reuters.There is market talk that LSE would sell all or part of the Milan stock exchange to European rivals if regulators demand “remedies” in return for approving the deal.Reporting by Huw Jones; Editing by David ClarkeLSE Chairman Don Robert told a shareholders meeting in London that the exchange’s board was unanimous in recommending the Refinitiv deal because it was a “compelling opportunity” in the best interests of shareholders and the company.LSE will issue about $14.5 billion of new shares to fund the deal and take on Refinitiv’s net debt of $12.5 billion.There have been numerous attempts at cross-border alliances between exchanges for more than a decade as profits from the business of running stock markets have fallen but many of the deals have run into regulatory and political opposition.LSE said 99.27% of votes cast at the meeting backed the deal with 99.26% supporting the LSE’s intention to issue shares to help pay for the transaction, which is expected to complete in the second half of 2020.The sale of some or all of the Milan bourse would also help LSE cut its debt, which is expected to rise after the Refinitiv deal. Blackstone owned 55 percent of the financial data provider company while Thomson Reuters owned 45 percent. “This is a unique moment in our 160-year history as the Financial & Risk business of Thomson Reuters now steps forward as Refinitiv,” said David Craig, CEO of Refinitiv. As part of that process, the company launched a $9 billion share buyback in August. Thomson Reuters Enterprise Platform (TREP) TREP is a networked data distribution architecture for the financial marketplace. Refinitiv. It is a name that aims to blend definitive action in financial markets and a bold focus on the future with a 160-year legacy of excellence as a pioneer in financial technology. The London Stock Exchange Group has agreed a $27bn (£22bn) deal to buy Refinitiv in a move that will transform it into a UK-headquartered, global rival to … Once the deal has gone through, Refinitiv shareholders will own about 37% of LSE but have less than 30% of total voting rights. A new product strategy is launched, designed to support the evolving needs and workflows of legal professionals through a new class of solutions including: Thomson Reuters Concourse , Firm Central , and Hosted Practice Technology.
Fourth-quarter 2017 / …
The new name, Refinitiv, was created based on feedback from customers and industry influencers on the value of the Thomson Reuters Financial & Risk business to the industry. NEW YORK/LONDON – 27 July 2018 – Thomson Reuters Financial & Risk business today announced that following the closing of the strategic partnership transaction between Thomson Reuters and private equity funds managed by Blackstone, the Financial & Risk business will be known as Refinitiv. Refinitiv is a global provider of financial market data and infrastructure. It is a name that aims to blend definitive action in financial markets and a bold focus on the future with a 160-year legacy of excellence as a pioneer in financial technology.“Thomson Reuters Financial & Risk has a rich history and reputation and it was important to us that our new name celebrated both our pride in our legacy and also the defining role we will continue to play as an integral and innovative part of the financial markets community,” commented David Craig, President, Thomson Reuters Financial & Risk and future CEO of Refinitiv.“We see a future defined by an accelerating speed of change, where technology-led automation will not only continue to see the rise of smarter machines but also the rise of more productive and smarter humans,” Craig continued.
The transaction is Blackstone’s biggest bet since the 2008 financial crisis and pits co-founder Stephen Schwarzman against fellow billionaire and former New York Mayor Michael Bloomberg.From the remainder of the proceeds, the company said it would redeem $4 billion of debt, keep $2 billion of cash on its balance sheet to fund acquisitions, and use $1 billion to cover expenses related to the transaction.Thomson Reuters retains a 45-percent stake in the F&R business, which has been renamed Refinitiv, a name derived from the 160-year-old Reuters brand with the objective of enabling “definitive action in financial markets.”Reuters News will remain a unit of Thomson Reuters Corp.
The company was founded in 2018. ... Thomson Reuters , which owns Reuters News, has a 45% stake in Refinitiv.
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