Singapore’s competition watchdog has raised concerns about the London Stock Exchange’s planned $27 billion takeover of financial data vendor Refinitiv.
The Competition and Consumer Commission of Singapore says that its initial review of the deal flagged concerns about the merged entity’s provision of foreign exchange benchmarks “at fair, reasonable and non-discriminatory terms” to rival providers. A phase two review will now take place and could take up to 120 business days.
Last month the EC opened an in-depth antitrust investigation into the merger, prompting the LSE to insist it is committed to closing the transaction by the end of the year.
Background: In August 2019 the London Stock Exchange Group announced that it has agreed to buy data provider Refinitiv for $27bn, sealing a deal that will turn it into a global markets and information powerhouse to rival Michael Bloomberg’s financial data empire.
By acquiring Refinitiv, which is best known for its Eikon desktop terminals, the LSE completes a multiyear effort to become less dependent on transaction-based revenues and will pick up a series of financial data assets that will further reduce its reliance on its UK and European business.
Source: Finextra News\