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LSEG Gets 16 Regulatory Approvals For Refinitiv Deal;says Good Progress On Outstanding Jurisdictions

London Stock Exchange Group plc (LSE.L), in its update on its $27 billion deal to buy data and analytics company Refinitiv, said that it has received 16 merger control clearances to date and good progress has been made in relation to outstanding jurisdictions. All remaining merger control and regulatory approvals are expected to enable completion of the deal and admission in the first-quarter of 2021.

It was in August 2019 that the LSE agreed to acquire Refinitiv in an all share transaction for a total enterprise value of about $27 billion.

LSEG said Wednesday that the Financial Conduct Authority or the "FCA" has approved its prospectus to be issued in connection with the admission to the premium listing segment of the Official List of the FCA and to trading on London Stock Exchange's main market for listed securities of all of the issued and to be issued voting ordinary shares of LSEG plc, including the voting ordinary shares to be issued as consideration in connection with the Refinitiv deal.

LSEG noted that it has published the prospectus and plans to re-apply for Admission as the Refinitiv deal constitutes a reverse takeover under the U.K Listing Rules.

LSEG said that Martin Brand, Erin Brown and Douglas Steenland will join the LSEG plc board as Non-Executive Directors, effective on Completion and Admission. The Proposed Directors will also be appointed to LSEG plc's Nomination Committee.

As per the terms of the deal, the Refinitiv shareholders are entitled to nominate for appointment to the Board three Non-Executive Directors for so long as they hold at least 25 per cent of the shares in LSEG plc.

Martin Brand and Douglas Steenland are being appointed to the Board as representatives of Blackstone and Erin Brown is being appointed to the Board as a representative of Thomson Reuters.

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