London Stock Exchange Group PLC (LSE.LN) said Friday that it will spend up to 438 million euros ($503.2 million) to increase its stake in clearing house LCH, and reported third-quarter growth.
The exchange operator said it will buy up to 15.1% of LCH’s share capital, bringing its majority ownership to over 80%. The acquisition is expected to close before the end of 2018.
LSE Group said LCH shareholders including Nomura Co. Ltd. (9716.TO), Deutsche Bank AG (DBK.XE) and Nasdaq Inc.
NDAQ, -0.83%
will sell their entire holdings.
Also selling but retaining minority stakes are Bank of America Corp.
BAC, -2.25%
Barclays PLC (BARC.LN) and Morgan Stanley
MS, -2.46%
In a separate announcement, LSE Group said its third-quarter revenue came to 464 million pounds ($606.6 million), up 5% from the year-earlier quarter. Total income rose 8% to GBP522 million.
On a like-for-like basis, adjusting for an accounting change, revenue rose 7% and total income climbed 9%, the company said.
“The Q3 results show continued momentum across the group, reflecting another period of operational execution and investment in the business. Information Services and LCH both delivered good year on year growth,” said Chief Executive David Schwimmer.
Source : MTV
