The owner of the London Stock Exchange has made a $ 1 billion deal to sell a leading wealth technology platform to a consortium of investors.
Sky News has learned that London Stock Exchange Group (LSEG) is selling a group of assets called BETA + to Motive Partners and Clearlake Capital Group – the latter being part of an ongoing bid for Chelsea Football Club.
A source said the deal, which could be announced as early as Monday, includes assets purchased as part of the LSEG $ 27bn takeover of Refinitive, which was finalized last year.
The BETA + business is understood as a non-core to the LSEG strategy, although the company is expected to form a new long-term strategic partnership with the new owners of the assets.
People walk through the lobby of the London Stock Exchange – owned by LSEG
It was unclear for what purpose the LSEG would use the proceeds of the disposal, but paying off the debts and returning the shareholders are probably high on the priority list for David Schwimmer, the head of the company.
LSEG, which has a market capitalization of more than £ 44bn, took a rocky ride to sell the benefits of the final deal to investors, although its shares began to recover last year.
Mr Schwimmer replaced Xavier Rolet, the longtime chief of the overseas businessmen who had resigned from the board of directors of Russian companies in recent weeks.
The wealth technology sector has seen a blizzard of fundraising and other corporate activity in recent months, including a fundraiser by the FNZ that recently raised more than $ 1 billion at a valuation of over $ 20 billion.
LSEG is understood to be advised by the Bank of America, while Wells Fargo advises the consortium.
Neither LSEG nor Motive Partners would comment on Monday morning.
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