London Stock Exchange to buy Citigroup’s analytics business
The London Stock Exchange says the deal will boost the data and analytics capabilities of its information services and FTSE Russell franchise businesses
London — London Stock Exchange (LSE) has agreed to buy The Yield Book, Citigroup’s fixed-income analytics and indexing business, for $685m in cash, the companies said on Tuesday. The LSE, which has said it would explore investments to drive growth after the collapse of its proposed merger with Deutsche Boerse, said the deal would boost the data and analytics capabilities of its information services and FTSE Russell franchise businesses, including an increase in benchmark assets under management to about $15-trillion. The deal, which is subject to regulatory clearances and is expected to close in the second half of 2017, was expected to add $30m in synergy benefits to the LSE’s revenue over the first three years after completion and bring $18m in cost synergies over the same period, the company said. In 2016 it estimated the business being acquired would have generated earnings before interest, tax, depreciation and amortisation (ebitda) of $46m on revenue of $107m based on a pro for...
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