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LSE buys Clearnet stake for $613m

London, March 10, 2012

The London Stock Exchange (LSE) Group said that it had agreed to buy a majority 60 per cent stake in British clearing house LCH.Clearnet for 463 million euros ($613 million) in cash.

LSE, which owns the London and Milan stock exchanges, had been in exclusive talks with LCH.Clearnet since September, shortly after the LSE had failed in its bid to acquire TMX Group, owner of the Toronto exchange.

Clearing houses play a key role in the transaction of shares between two parties, charging clients a fee to guarantee deals should one side default.

'LCH.Clearnet Group Limited and LSE Group announce that they have reached an agreement on the terms of a recommended cash offer,' said a statement issued by the groups.

LSE Group chief executive Xavier Rolet described the deal as 'transformative, delivering a strong, customer-focused clearing partnership between LSEG, LCH.Clearnet and our customers, the broker-dealer community.'-Reuters




Tags: London Stock Exchange | Stake | LCH.Clearnet | British clearing house |

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