The London Stock Exchange today said it had completed its $27bn (£19.7bn) takeover of Refintiv, kicking off its new era as a major player in financial data.
The blockbuster deal, which was given the green light by EU regulators earlier this month, gives the bourse a significant footing in the information market and creates a new rival to Bloomberg.
London Stock Exchange boss David Schwimmer described the takeover as an “important milestone” in the group’s history.
“This transformational transaction brings together two highly complementary global businesses with a shared commitment to an Open Access philosophy, working in partnership with customers,” he said.
“LSEG is focused on delivering the benefits of the transaction helping customers to access data, trading tools, analytics and risk management across the financial markets and at scale around the globe.”
The deal reflects the surging scope and value of financial market data as clients look to get ahead of their rivals.
The enlarged group will also play a key role in maintaining the City’s status as a global financial hub amid uncertainty over trading rules with the EU after Brexit.
The European Commission cleared the takeover on condition of a number of remedies, including the LSE’s €4.3bn sale of Borsa Italiana.
The index has also agreed to grant continued access to its clearing services and other data for the next 10 years.