Microsoft is buying a 4% stake in the London Stock Exchange as part of a deal that will see the market operator spend at least $2.8 billion over 10 years on the software provider’s cloud services.
The companies announced the partnership in a joint statement on Monday, touting the benefits it will deliver to the stock exchange’s customers through improved data and analytics. Shares of the London Stock Exchange Group (LSEG) gained 4% in early trade.
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The partnership “creates attractive revenue growth opportunities for both companies,” LSEG CEO David Schwimmer said in the statement.
“The partnership will build on the good progress made by LSEG on the integration of Refinitiv and enhance its position as a world-leading financial markets infrastructure and data provider,” the statement said.
