LSE third-quarter earnings up 2%, Refinitiv deal set to close early 2021

FILE PHOTO: The London Stock Exchange Group offices are seen in the City of London, Britain, December 29, 2017. REUTERS/Toby Melville/File Photosaid on Friday it expects to close its $27 billion purchase of data analytics firm Refinitiv in the first quarter of 2021 as it posted a 2% increase in third-quarter income.

The Refinitiv deal, which will expand LSE’s trading business and make it a major distributor and creator of market data, was announced last year but ran into regulatory hurdles in Europe as regulators raised concerns about its market share in European bond trading. LSE this month agreed the sale of Borsa Italiana as part of remedies to appease the European Union’s antitrust authorities.

The exchange said Refinitiv, which is 45% owned by Reuters’ parent Thomson Reuters, is on track to hit $650 million in annual cost savings by the end of the year. Reporting third-quarter results, LSE said its total income climbed to 600 million pounds for the three months ended Sept. 30, beating an analyst consensus of 592 million pounds. Its post trade division, which includes clearing house LCH, recorded the biggest growth at 5%.

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