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, Trend reports with reference to Reuters.
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.