London Stock Exchange Sells Wealth Back-Office Unit for $1.1 Billion

LONDON (Reuters) -The London Stock Exchange Team said on Monday it will offer its prosperity administration technologies functions BETA+ for $1.1 billion to affiliates of Clearlake Money Group and Motive Companions to reduce the exchange’s leverage.

BETA+, which includes Maxit and Digital Investor, provides back-place of work processing to the wealth management business, like securities processing and tax reporting. It experienced profits of about $300 million final calendar year, largely linked to U.S. marketplaces.

LSEG claimed it expects to hand a “important proportion” of the internet proceeds to shareholders by using a buyback, which would probable commence in the 3rd quarter.

“In addition, LSEG announces that it has entered into a new extensive-time period strategic partnership for data, content material and equipment with BETA+ and portfolio firms owned by Motive and Clearlake,” LSEG stated in a statement.

The partnership will provide LSEG with new, recurring revenue at desirable development charges as a result of entry to new customer segments, the exchange claimed.

Shares in LSEG, which explained leverage would be slice, had been down .2% at 7,942 pence at 1200 GMT.

“The prosperity management business continues to show possibilities, bolstered by tailwinds across the spectrum which includes a major motion in technological know-how modernization, marketplace consolidation, will increase in retail investing, and democratization of the funds marketplaces,” Clearlake and Motive mentioned in a statement.

Thomson Reuters, parent of Reuters News, retains a minority stake in LSEG, whose information and analytics arm Refinitiv pays Thomson Reuters for news it distributes.

(Reporting by Huw Jones Enhancing by Kirsten Donovan and Emelia Sithole-Matarise)

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