Microsoft will acquire a 4% stake in LSEG as part of a 10-year commercial agreement.
Microsoft will purchase an approximate 4% equity investment in the London Stock Exchange Group (LON: LSEG) as part of a 10-year commercial agreement to transition the exchange operator’s data infrastructure to the cloud, the British firm announced on Monday.
Microsoft (NASDAQ: MSFT) will acquire shares of LSEG from the Blackstone/Thomson Reuters Consortium, according to the operator of the market.
As part of the agreement, LSEG has agreed to spend a minimum of $2.8 billion on cloud-related services from Microsoft throughout the duration of the relationship.
In 2021, LSEG acquired Refinitiv for $27 billion, making it the second-largest financial data company after Bloomberg LP.
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Thomson Reuters (NYSE: TRI), the owner of Reuters News, has a minority stake in LSEG as a result of the Refinitiv transaction.
Since the completion of the Refinitiv acquisition in January 2021, LSEG has made “excellent progress” on its plans to provide its cloud-based data platform, according to a statement.