01, 2019 02:08PM / By Michael J. de la Merced of The
New York Times / Header Image
Credit: The New York Times
The London Stock Exchange Group agreed on Thursday to buy Refinitiv, the financial information service, for about $27 billion as it seeks to enter the lucrative business of market data and compete with giants like Bloomberg L.P.
It is a sign of how stock markets — even the centuries-old London exchange, one of the oldest in the world — must venture beyond company listings to grow profits. Financial data, the lifeblood of the trading industry, has emerged as a big avenue for such growth.
By buying Refinitiv, a former arm of Thomson Reuters that is now controlled by the investment giant Blackstone and others, the London exchange would be able to sell market information around the world. The British company hopes that the deal will make it a key cog of the plumbing that underpins the financial industry.
“With the acquisition of Refinitiv, we will transform our position as a leading global financial markets infrastructure group,” David Schwimmer, the chief executive of the London Stock Exchange Group, said in a statement.
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