The London Stock Exchange has confirmed it has accepted a €4.3bn offer from Euronext for Borsa Italian, Milan’s stock exchange.
LSE and Euronext entered into exclusive talks in September after Deutsche Boerse and Switzerland’s SIX bowed out of the race for the Milan bourse.
The deal follows after the European Commission formally stated it will only permit LSE’s $27 billion deal to buy data giant Refinitiv if all or parts of Borsa Italiana are sold.
“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 this morning.
“We believe the sale of the Borsa Italiana group will contribute significantly to addressing the EU’s competition concerns,” he added.