London Stock Exchange Group Plc (LON:LSE) today announces that its shareholders have approved a proposed sale of Borsa Italiana to Euronext N.V. The shareholders voted at a meeting held earlier today.

In addition to approval by LSEG shareholders, the transaction is conditional upon, among other things, the divestment of the Borsa Italiana Group or any material part thereof (including MTS S.p.A.) being a condition of any European Commission clearance decision for the Refinitiv transaction, the European Commission having confirmed that it either approves or does not object to Euronext N.V. as the purchaser of the Borsa Italiana Group and the Refinitiv transaction closing in accordance with its terms (each of such conditions being waivable by LSEG plc).

The Transaction is also conditional on the approval of Euronext N.V.’s shareholders and the receipt of relevant antitrust and regulatory approvals and these processes are currently underway.

The deal is expected to close in the first half of 2021. LSEG expects to complete the Refinitiv transaction in the first quarter of 2021, ahead of completion of the Borsa Italiana transaction.

As FX News Group has reported, LSEG plc announced on October 9, 2020 that it had agreed to sell its entire shareholding in London Stock Exchange Group Holding Italia S.p.A. to Euronext N.V. The transaction constitutes a related party transaction for LSEG plc under the Listing Rules and is conditional upon, inter alia, the approval of LSEG shareholders.

LSEG is expected to receive proceeds in cash on closing (before deductions of applicable taxes and other transaction related costs) of €4.325 billion plus an additional amount reflecting cash generation to completion.