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LSE close to sale of Borsa Italiana - report
8th Oct 2020 12:53
(Sharecast News) - London Stock Exchange is close to agreeing the sale of Borsa Italiana for about €4.5bn (£4.1bn) to Euronext and two Italian lenders, Bloomberg reported.
LSE could announce the deal as early as Friday, Bloomberg said. The company is selling Borsa Italiana to get approval for its $27bn purchase of financial data business Refinitiv, announced in August 2019.
Euronext, which owns the Paris and Amsterdam stock exchanges, is bidding with Cassa Depositi e Prestiti, a state-backed Italian lender, and Intesa Sanpaolo, Italy's biggest bank. The banks would take stakes in Euronext, Bloomberg said.
Italy sees Borsa Italiana as a strategic asset because it owns a platform used to trade government bonds and the government has been trying to arrange a deal. The purchase, including debt, would be financed by a rights issue for Euronext shareholders, cash, new debt and new equity from CDP and Intesa Sanpaolo, Bloomberg said.
LSE shares rose 0.6% to £89.22 at 12:15 BST, reversing earlier losses.
LSE could announce the deal as early as Friday, Bloomberg said. The company is selling Borsa Italiana to get approval for its $27bn purchase of financial data business Refinitiv, announced in August 2019.
Euronext, which owns the Paris and Amsterdam stock exchanges, is bidding with Cassa Depositi e Prestiti, a state-backed Italian lender, and Intesa Sanpaolo, Italy's biggest bank. The banks would take stakes in Euronext, Bloomberg said.
Italy sees Borsa Italiana as a strategic asset because it owns a platform used to trade government bonds and the government has been trying to arrange a deal. The purchase, including debt, would be financed by a rights issue for Euronext shareholders, cash, new debt and new equity from CDP and Intesa Sanpaolo, Bloomberg said.
LSE shares rose 0.6% to £89.22 at 12:15 BST, reversing earlier losses.