TIDMLSEG
RNS Number : 6459U
London Stock Exchange Group PLC
06 December 2021
LSEG to acquire Quantile Group Limited
6 December 2021
London Stock Exchange Group plc ("LSEG" or the "Company") today
announces that it has agreed to acquire Quantile Group Limited
("Quantile") (the "Transaction").
Quantile is a leading provider of portfolio, margin and capital
optimisation and compression services for the global financial
services market. Quantile's powerful optimisation engine provides
advanced trade compression and risk rebalancing services to banks,
hedge funds and other financial institutions trading OTC
derivatives. Quantile was founded in 2015 and is led by a team of
industry experts with significant experience in risk management,
quantitative analysis and trading technology.
The Transaction will enable LSEG to expand its range of Post
Trade risk management solutions to its customers through trade
compression, capital and margin optimisation services. Quantile
will be complementary to LSEG's global OTC Derivatives clearing
services, which provide risk management and capital efficiencies to
customers. The Transaction furthers LSEG's strategy of providing
customers with a global, multi-asset class financial markets
infrastructure operating across the trading ecosystem.
LSEG and Quantile's services will be available on an Open Access
basis that will continue to offer customers the choice of where to
clear, compress and optimise their trading activity. Following the
Transaction, Quantile will remain a standalone entity within LSEG's
Post Trade division, reporting to Daniel Maguire, LSEG's Group Head
of Post Trade.
LSEG has agreed to pay a maximum aggregate consideration of up
to GBP274 million (subject to customary adjustments) to Quantile's
shareholders.
Daniel Maguire, Group Head, Post Trade, LSEG & CEO, LCH
Group, said:
"The acquisition of Quantile builds on the strong growth
delivered by LSEG and our Post Trade division. It significantly
enhances LSEG's multi-asset class customer offering across the
transaction lifecycle by providing more sophisticated tools and
infrastructure for customers to optimise their financial resources
and drive greater operational efficiencies in OTC derivatives. I
look forward to working with Andy and his team at Quantile to
further support innovation for the market and develop our
businesses."
Andrew Williams, CEO, Quantile, said:
"I am delighted with this agreement to become part of LSEG.
Quantile and LSEG share many of the same values, including a
culture of innovation and a focus on delivering market leading
services. I look forward to working with Daniel and the team to
accelerate our growth and to continue to deliver efficiencies and
portfolio optimisation for our customers and the wider OTC
derivatives marketplace."
Stephen O'Connor is Chairman and a minority shareholder in
Quantile. Until recently, Stephen was a Senior Independent Director
of LSEG. He stepped down from the LSEG Board on 6 August 2021, but
remains a director of LSEG's subsidiary, London Stock Exchange plc.
As a result of his previous and continuing appointments, he is a
related party to the Company under LR 11.1.4(2).
As the Transaction is classified as a smaller related party
transaction under LR 11.1.10, a sponsor's written confirmation has
been obtained stating that the Transaction is fair and reasonable
as far as the Company's shareholders are concerned.
The acquisition is being funded from existing cash resources and
credit facilities and is expected to close in 2022, subject to
antitrust and other regulatory approvals.
Evercore is acting as sole financial adviser and sponsor to LSEG
in relation to the Transaction.
- Ends -
For further information, please contact:
London Stock Exchange Group plc
Investor Relations - Paul Froud ir@lseg.com
Media - Lucie Holloway / Rhiannon +44 (0)20 7797
Davies 1222
newsroom@lseg.com
About LSEG
LSEG (London Stock Exchange Group) is more than a diversified
global financial markets infrastructure and data business. We are
dedicated, open-access partners with a commitment to excellence in
delivering the services our customers expect from us. With
extensive experience, deep knowledge and worldwide presence across
financial markets, we enable businesses and economies around the
world to fund innovation, manage risk and create jobs. It's how
we've contributed to supporting the financial stability and growth
of communities and economies globally for more than 300 years.
Data & Analytics
Our acquisition of Refinitiv means we can provide the breadth
and depth of financial data and best-in-class analytics that
customers expect - driving innovation and growth across global
markets. And our high-performance solutions - from trading, to
market surveillance, to wealth solutions and more - help to enhance
the performance of our customers. FTSE Russell is a leading global
provider of financial indexing, benchmarking and analytic services
with more than $16 trillion benchmarked to our indices - and offers
an extensive range of data services and research. The combination
of Refinitiv and FTSE Russell provides LSEG with leading
capabilities in data, analytics, indices and benchmarks
Capital Markets
We offer our customers extensive access to capital markets and
liquidity across multiple asset classes. We operate a broad range
of international equity, fixed income, exchange-traded
funds/exchange traded products and foreign exchange markets. Our
Group is home to several capital formation and execution venues:
London Stock Exchange, AIM, Turquoise, CurveGlobal, FXall and
Tradeweb (through a majority ownership interest).
Post Trade
We support our customers' clearing and reporting obligations,
providing risk, balance sheet and financial resource management
solutions, whilst working with our other divisions to extend this
support across the value chain.
A leading global clearing house with a strong presence across
multiple asset classes, LCH helps financial institutions all over
the world use their capital efficiently and manage counterparty
risk. We work closely with sell-side clearing members and buy-side
clients in conjunction with trading venues globally.
UnaVista, a regulated platform that helps customers meet their
reporting compliance obligations and reduce operational and
regulatory risk through reporting, reference data and analytics
solutions, further complements our Post Trade offering.
Through a comprehensive suite of trusted financial market
infrastructure services - and our open-access model - we provide
the flexibility, stability and trust that enable our customers to
pursue their ambitions with confidence and clarity.
LSEG is headquartered in the United Kingdom, with significant
operations in 70 countries across EMEA, North America, Latin
America and Asia Pacific. We employ 25,000 people globally, more
than half located in Asia Pacific. LSEG's ticker symbol is
LSEG.
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END
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