London Stock Exchange to submit $27bn Refinitiv deal to European regulators

London Stock Exchange Group will reportedly soon file its deal to purchase financial data provider Refinitiv, according to a report by the Financial Times. 

The $27 billion deal, which needs clearance from European regulators, would expand the business-lines of LSE, which is best known for its equities listings business in the U.K. As per the FT, it would triple LSE's revenues to over $9 billion. It would be among the biggest transactions of 2020.

"It would pivot away from relying on uneven income from trading into data distribution, analytics and indices and become one of the largest exchanges operators alongside US duo CME Group and Intercontinental Exchange," the FT noted. 

The two firms face a lengthy process prior to tying up as regulators will first need to examine whether it would result in a meaningful decrease in options for customers. Refinitiv, a company of 18,000 employees,  provides market data and is owned jointly by Blockstone and Thomson Reuters.