Pedestrian passes Italy’s Stock Exchange, the Borsa Italiana, which is part of the London Stock Exchange Group Plc, in Milan Italy, on Thursday, Oct. 8, 2020.
Camilla Cerea | Bloomberg via Getty Images
LONDON — The London Stock Exchange on Friday agreed to sell Milan’s Borsa Italiana stock exchange to Euronext for 4.3 billion euros ($5 billion).
LSE confirmed it had entered exclusive discussions with pan-European bourse operator Euronext in relation to the sale of the Borsa Italiana group last month.
It comes after LSE reached definitive terms to purchase data provider Refinitiv for $27 billion, with the EU’s executive arm confirming in August that it would consider the terms of the proposed transaction.
The sale of Borsa Italiana is dependent on the Refinitiv transaction going through.
“We continue to make good progress on the highly attractive Refinitiv transaction and we are pleased to have reached this important milestone,” David Schwimmer, CEO of LSE Group, said in a statement.
“We believe the sale of the Borsa Italiana group will contribute significantly to addressing the EU’s competition concerns,” he added.