2023-05-17 07:41:16 ET
A group of investors, including certain investment funds affiliated with Blackstone ( NYSE: BX ) and Thomson Reuters ( NYSE: TRI ), sold 33M shares of London Stock Exchange Group ( OTCPK:LDNXF ) ( OTCPK:LNSTY ) at 8,050 pence per ordinary share, upsized from the original offering of 28.0M.
The shares were sold through an institutional placement and separate retail offer at ~5% discount to its Tuesday closing price of 8,472 pence. Aggregate gross sale proceeds were ~£2.7B ($3.4B).
The transaction followed the sale of 28M LSEG shares, upsized from 23M shares , in March, by the group. Blackstone ( BX ) and Thomson Reuters ( TRI ) received the shares when the group sold the Refinitiv data and analytics business to the London Stock Exchange Group in 2021.
The remaining 5.1M LSEG shares indirectly owned by the two companies are subject to a 90-day lockup, the bookrunners of the deal said.
In a separate statement, the London Stock Exchange Group ( OTCPK:LDNXF ) said it acquired 48,034 of its own shares as part of the third tranche of its stock buyback program. The volume weighted average price per share paid was 8,474.30 pence, it said .
Earlier in May, Mala Gaonkar, founder of SurgoCap Partners, pitched London Stock Exchange ( OTCPK:LDNXF ) as a long idea at the Sohn conference.
SA contributor calls LDNXF a strong company with great potential for the future.
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Blackstone, Thomson Reuters sell 33M London Stock Exchange shares for $3.4B