LSE agrees to sell Borsa Italy to Euronext for 3.3 billion euros

LSE agrees to sell Borsa Italy to Euronext for 3.3 billion euros

LONDON: The London Stock Exchange said on Friday it had accepted a cash offer of 3.3૨25 billion euros (0 0.09 billion) from pan-European bourse operator operator Euronext for the Milan Stock Exchange.

The LSE had an exclusive conversation with Euronext last month after the Paris-based bourgeoisie owner saw competition from Botswana and Swiss rivals SIX for Borsa Italy.

LESE is selling its uters 27 billion dollars to Borsa as part of a regulatory approach to viewing through the purchase of data provider Refinitive, which is 45 per cent owned by Reuters News’ parent company Thomson Reuters.

The sale is a formal statement to the European Commission stating that it will only approve a refinitive deal if it sells Borsa Italina or part of it.

“We believe that the sale of the Borsa Italy group will significantly contribute to the e-commerce concerns of the EU,” LSE chief executive David Schwimmer said in a statement.

Borsa is politically sensitive in Italy due to its ownership of MTS, the bond platform that manages Italy’s ૧ 2.1 trillion (US $ 3 trillion) government bond trade.

To gain the support of the Rome government, Euronext has partnered with the state agency Casa Deposit e Prestige (CDP) and Italy’s largest bank, Intesa Sanpaolo.

(Reporting by Rachel Armstrong; Editing by Simon Jessop)

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