Microsoft to Buy 4% Share in FTSE Owner LSEG under 10-Year Partnership Deal
- According to the financial services company, Microsoft will buy almost 4% of the London Stock Exchange Group.
- The US tech giant has entered into a 10-year partnership agreement with the owner of FTSE Group of financial indexes.
- Microsoft will receive a minimum of $2.8 billion from the LSEG to upgrade its infrastructure to cloud computing.
As part of the deal the US tech giant will undertake projects like migrating the LSEG platform and other tech infrastructures to Microsoft’s Cloud, LSEG. said in a statement Monday. The British company claimed it would spend at least $2.8 Billion on cloud-related work by Microsoft during the term of the agreement.
David Schwimmer, CEO of LSEG, stated in the statement that “this strategic partnership is a significant milestone in LSEG’s journey towards becoming a leading global financial market infrastructure and data business”
The LSEG, one the most important in the world providers of financial markets infrastructureRefinitiv, the FTSE group, and Borsa Italiana are all based on financial data. According to Yahoo Finance, the market value of the company is 42.6 billion pounds ($52.2 million).
The company announced that Microsoft will purchase the LSEG shares of the Blackstone/Thompson Reuters Consortium.
Shares of LSEG rose 4.1% Monday morning in London. Microsoft stock futures were slightly lower at $245.14 per shares in premarket trading.
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