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LSE CEO Schwimmer says feels 'very good' about Refinitiv deal

LSE CEO Schwimmer says feels 'very good' about Refinitiv deal
FILE PHOTO: The London Stock Exchange Group offices are seen in the City of London, Britain, December 29, 2017. REUTERS/Toby Melville/File Photo -
Toby Melville(Reuters)
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LONDON (Reuters) – London Stock Exchange Group Chief Executive David Schwimmer said he feels “very good” about the proposed $27 billion acquisition of data and analytics company Refinitiv, in which Thomson Reuters has a minority stake.

Last week, the LSE rebuffed a proposed $39 billion takeover bid from rival Hong Kong Exchanges and Clearing, which vowed to press on with its proposal by speaking directly to the London bourse’s shareholders.

Thomson Reuters, a professional information company that is the parent of Reuters News, holds a 45% stake in Refinitiv.

Schwimmer said two big drivers of change going forward are the increasing importance of data and multi-asset class investment strategies.

“We think that the Refinitiv transaction is a very strong fit strategically from that perspective, and really positions the London Stock Exchange Group very well to take advantage of growth in these areas,” Schwimmer told a conference held by derivatives industry body ISDA.

“I don’t think there is a lot of controversy around the increasing importance and focus on data.”

Refinitiv brings content and distribution on a global basis that would be transformational for the LSE, raising recurring revenues and lowering exposure to volatile market transaction volumes, Schwimmer said.

“It’s a transaction that we feel very good about,” said Schwimmer, a 20-year veteran of Goldman Sachs bank who became CEO of the LSE last August.

(Reporting by Huw Jones, editing by Deepa Babington and Jon Boyle)

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