Sep 11, 2019

Hong Kong's stock exchange offers $36.6 billion to acquire London Stock Exchange

Dan Primack, author of Pro Rata

A view outside the exchange offices in Hong Kong. Photo: Nicolas Asfouri/AFP/Getty Images

Hong Kong Exchanges and Clearing proposed on Wednesday to acquire the London Stock Exchange for around $39 billion, contingent on the LSE dropping its $27 billion purchase of financial data company Refinitiv from The Blackstone Group and Thomson Reuters.

Why it matters: Both Hong Kong and London are worried about remaining global financial centers, due to the anti-China protests and Brexit. This could either firm up their position or obliterate it.

What they're saying: LSE said in a statement that it remains committed to the Refinitiv deal.

The bottom line: Even if the LSE is willing to switch up strategies — going for more of an uber-exchange than a Bloomberg terminal rival — it's far from certain that British regulators would sign off.

Go deeper: How Brexit and Hong Kong could influence the Saudi Aramco IPO

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Screenshot of an image some Facebook employees used as part of their virtual walkout on Monday.

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Screenshot: Axios (via YouTube)

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