Less than a year after buying Thomson Reuters’ financial data unit, Blackstone is in talks to sell Refinitiv to the London Stock Exchange in a $27 billion deal. There are risks, but an implied money doubling provides plenty of cushion. tombuerkle
London Stock Exchange announced on July 26 that it was in discussions with an investor group led by Blackstone and with Thomson Reuters to acquire Refinitiv for an enterprise value of $27 billion.
LSE would issue new shares to cover the equity value of the purchase, which would give the Refinitiv owners a 37% economic stake in the stock exchange operator and voting rights of less than 30%. LSE would assume Refinitiv’s debt, which stood at $12.2 billion at the end of 2018. LSE and Refinitiv had combined revenue of over 6 billion pounds in 2018. LSE anticipates annual cost synergies in excess of 350 million pounds over five years if it completes an acquisition.
Blackstone acquired 55% of Refinitiv, the former Financial and Risk unit of Thomson Reuters, in October 2018 in a deal that gave the business an enterprise value of $20 billion.
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