(Reuters) -Microsoft will buy about 4% equity stake in London Stock Exchange Group as part of a 10-year commercial deal to migrate the bourse operator’s data platform into the cloud, the British company said on Monday.
Microsoft will buy LSEG shares from the Blackstone/Thomson Reuters Consortium, the bourse operator said.
As part of 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.
LSEG bought Refinitiv for $27 billion in 2021, which turned the exchange into the second largest financial data company after Bloomberg LP.
Thomson Reuters, which owns Reuters News, has a minority shareholding in LSEG following the Refinitiv deal.
LSEG has made “good progress” on its programme for the delivery of its cloud-based data platform since the completion of the Refinitiv acquisition in January 2021, it said in a statement.
(Reporting by Yadarisa Shabong in Bengaluru; Editing by Nivedita Bhattacharjee)
