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London Stock Exchange Group Plc agreed to sell Borsa Italiana to Euronext NV and two Italian lenders for more than €4.33 billion ($5.1 billion), in a deal that will create the largest listing venue in Europe.
LSE, which is selling Borsa Italiana to get approval from the European Union for its $27 billion Refinitiv deal, announced the transaction in a statement Friday after exclusive talks between the parties started last month.
The London exchange will sell its entire shareholding for €4.3 billion in cash plus an unspecified additional amount reflecting the units performance through to the deals completion.
The deal removes a major hurdle to LSEs blockbuster tie-up with Refinitiv, which is facing regulatory scrutiny, while the addition of the Milan bourse will transform Euronexts footprint giving it a quarter of all equity trading in Europe, including listings for 28 of the Euro Stoxx 50 companies.
The transaction, which will only take place if European authorities bless LSEs Refinitiv deal, also gives Paris-listed Euronext a clearinghouse for the first time as well as a securities depository, stock exchange and bond platform.
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