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UK competition watchdog sets deadline for LSEG takeover of Quantile
Global Banking & Finance Review®
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LONDON (Reuters) – Britain’s competition watchdog said on Tuesday that the London Stock Exchange Group and Quantile Group have until May 10 to offer acceptable undertakings to avoid an in-depth investigation into their merger.
LONDON (Reuters) – Britain’s competition watchdog said on Tuesday that the London Stock Exchange Group and Quantile Group have until May 10 to offer acceptable undertakings to avoid an in-depth investigation into their merger.
LSEG said in December it had acquired Quantile for up to 274 million pounds ($343.49 million) to expand its range of post-trade risk management solutions to banks, hedge funds and financial institutions trading derivatives.
The Competition and Markets Authority said on Tuesday that “it is or may be the case that the following merger may be expected to result in a substantial lessening of competition within a market or markets in the United Kingdom.”
LSEG said it continues to engage constructively with the CMA and other regulatory authorities, and expects to close the transaction in 2022, subject to the relevant approvals.
($1 = 0.7977 pounds)
(Reporting by Huw Jones; Editing by Kirsten Donovan)
A merger is a business combination where two companies join to form a single entity, often to enhance competitiveness, expand market reach, or achieve synergies.
The London Stock Exchange (LSE) is one of the world's oldest and largest stock exchanges, facilitating the buying and selling of shares and securities.
Post-trade risk management solutions are services that help financial institutions manage risks associated with trading activities after the transaction has been executed.
A financial institution is an organization that provides financial services, such as banking, investment, insurance, and asset management, to individuals and businesses.
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