LSEG reports 16 merger control clearances of Refinitiv deal received to date
London Stock Exchange Group (LSEG) today reports that progress has been made regarding the proposed acquisition of Refinitiv.
LSEG plc confirms that the UK Financial Conduct Authority (FCA) has today 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. This includes the voting ordinary shares to be issued as consideration in connection with the transaction.
LSEG plc has published the Prospectus and intends to re-apply for Admission as the transaction constitutes a reverse takeover under the Listing Rules of the FCA.
The Group has received 16 merger control clearances to date and says that good progress has been made in relation to outstanding jurisdictions. All remaining merger control and regulatory approvals are expected to enable completion of the acquisition and admission in Q1 2021.
Also today, LSEG plc announced that Martin Brand, Erin Brown and Douglas M. 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.
LSEG explains that, in accordance with the terms of the Transaction, 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% of the shares in LSEG plc. In accordance with the terms of the Transaction, Martin Brand and Douglas M. 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.
- Martin Brand is a Senior Managing Director and serves as co-head of U.S. Acquisitions for Blackstone’s Private Equity Group. Martin leads Blackstone’s private equity investments in technology, media, telecom, and financial institutions. He also serves as a member of the investment committee of Blackstone’s Tactical Opportunities funds. He is a director of Tradeweb Markets, Refinitiv Holdings Limited, Ultimate Kronos Group, Exeter Finance, IntraFi Network, and First Eagle.
- Erin Brown has served in a number of senior executive roles at Thomson Reuters and is currently Head of Finance for the Thomson Reuters Corporates segment. Erin joined Thomson Reuters in 2011 and previously served as Treasurer, Vice President of Knowledge Solutions – Tax & Accounting, Vice President, Finance, and Vice President and Assistant Treasurer. Erin Brown has been a director of Refinitiv Holdings Limited since September 2019.
- Douglas M. Steenland has been a Senior Adviser to Blackstone Private Equity Group since 2009. Douglas served in a number of Northwest Airlines Corporation executive positions from 1991 including Chief Executive Officer from 2004 to 2008 and President from 2001 to 2004. He is currently Chairman of American International Group, Inc. and a Director of Hilton Worldwide Holdings Inc. and American Airlines Group, Inc.