London Stock Exchange Group PLC (LSEG.L) said on Thursday that 11 investing banks have agreed to invest in its Post Trade Solutions business, taking a 20% stake for GBP 170 million cash.
The Post Trade Solutions business, valued at GBP 850 million, had reported normalized EBITDA of GBP 16 million and revenue of GBP 96 million for 2024.
In addition, LSEG will acquire an increased proportion of the revenue surplus from the SwapClear business. Previously, the founding members of SwapClear, which include the investing banks, were entitled to around 30% of SwapClear's revenue surplus through 2035.
As a result, the revenue surplus share for the SwapClear banks will reduce to 15% for 2025 and 10% from 2026. "The transaction will be accretive to the EBITDA margin of the markets division and LSEG as a whole, and will be approximately 2-3% accretive to AEPS in 2025 with further benefits anticipated in 2026," the company said.
LSEG will pay GBP 1.15 billion for this change in terms, payable in two installments in 2025 and 2026. In addition, a further GBP 200 million will be paid if certain future growth targets are met.
The amount paid in relation to the revenue surplus share in 2024, included in LSEG's cost of sales, was EUR 0.2 billion.
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