Refinitiv managers, Thomson Reuters Corp sell $1 billion in LSE voting shares
Thomson Reuters Corp and some members of Refinitiv’s management have sold 10.4 million voting shares in London Stock Exchange Group for roughly 745 million pounds ($1.04 billion), a joint bookrunner for the deal said on Friday.
The sales come weeks after LSE completed its $27 billion purchase of data and analytics business Refinitiv.
The major shareholders sold the voting shares in the London-bourse owner at a price of 7,150 pence per share, J.P. Morgan Securities said in a statement, adding that LSE will not receive any proceeds from the sale.
The shares were sold by some fund managers on behalf of Thomson Reuters and the Refinitiv management members, the joint bookrunner said.
The deal is in line with a lock-up agreement that permitted Thomson Reuters and Refinitiv management members to sell some LSE shares to settle tax liabilities, the bookrunner said on Thursday.
After the sale is completed the sellers together will own about 30% economic interest and 22% voting interest in LSE, J.P. Morgan Securities said.
Toronto-headquartered Thomson Reuters is the parent company of Reuters News.
($1 = 0.7169 pounds)