London Stock Exchange to buy controlling stake in LCH.Clearnet for $612 mn
10 Mar 2012
The London Stock Exchange Group (LSEG) yesterday said it plans to acquire a 60-per cent stake in LCH.Clearnet, an independent clearinghouse for financial transactions, for €463 million ($612 million).
Under the deal that values LCH.Clearnet at €813 million, LSEG will offer shareholders of LCH.Clearnet €19 for each share and a special dividend of €1 to be paid in five years.
The LSE said that it had already received support from about 60 per cent of shareholders willing to hand over 46.9 per cent shares.
LCH.Clearnet, Europe's largest clearing house, is an independent clearing house group serving major international exchanges and platforms, as well as a range of OTC markets.
It is a holding company created as part of the 2003 merger of London Clearing House and Clearnet S.A. and oversees its two wholly owned operating subsidiaries, LCH.Clearnet Ltd – and LCH.Clearnet S.A. - France).
LCH.Clearnet is 83-per cent-owned by banks and brokers, while the rest is owned by NYSE Euronext and the London Metal Exchange.
