On Monday, the British company Microsoft said that it is to take a 4% equity stake in London Stock Exchange Group as part of a 10-year commercial deal to migrate the exchange operator’s data platform into the cloud.
As per the deal, LSEG has made a contractual commitment for minimum cloud-related spend with Microsoft of $2.8 billion over the term of the partnership.
“The initial focus will be on delivering interoperability between LSEG Workspace and Microsoft Teams, Excel and PowerPoint with other Microsoft applications and a new version of LSEG’s Workspace,” the U.S. company said.
In early trade, LSEG shares were up by 4%. The company bought bought Refinitiv for $27 billion from a Blackstone and Thomson Reuters’ consortium, which turned the exchange into the second largest financial data company after Bloomberg LP.
