Illustration: Sam Jayne/Axios

The London Stock Exchange said it's in talks to buy Refinitiv, the financial data provider that The Blackstone Group just last year carved out of Thomson Reuters (which retained a 45% stake).

Why it matters: This would put the British bourse in direct competition with Bloomberg's terminals business.

  • ROI: Blackstone's deal valued Refinitiv at around $20 billion, while LSE reportedly is working on a $27 billion price-tag (including around $12 billion in assumed debt). Blackstone already spun off Refinitiv's Tradeweb bond-trading business via an IPO this past April.
  • The bottom line: "Exchanges are just data platforms." — Mike Santoli, CNBC

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