LSE H1 Profit Up, Agrees To Buy Refinitiv Business For About $27 Bln; Stock Up

(RTTNews) - London Stock Exchange Group Plc (LSE.L) reported Thursday that its first-half profit before tax increased to 363 million pounds from 360 million pounds last year.

Basic earnings per share were 70.7 pence, down 1 percent from 71.1 pence a year ago.

Adjusted profit before tax was 497 million pounds, compared to 447 million pounds last year. Adjusted basic earnings per share were 100.6 pence, up from 88.7 pence last year.

Adjusted operating profit for the period grew 11 percent to 533 million pounds.

Total revenue was 1.02 billion pounds, up 7 percent from 953 million pounds last year. Revenues grew 5 percent at constant rates. Total income grew 8 percent to 1.14 billion pounds.

Further, the Directors have declared an interim dividend of 20.1 pence per share, an increase of 17 percent from last year, to be paid on September 17 to shareholders on the register on August 23.

Looking ahead, the company said it continues to make good progress towards achievement of financial targets. The company remains well positioned in an evolving regulatory and macroeconomic environment and expects to make further progress in the second half.

Separately, LSE announced that it has agreed definitive terms with a consortium to acquire the Refinitiv business in an all share transaction for a total enterprise value of approximately $27 billion.

The transaction will result in the Refinitiv Shareholders ultimately holding an approximate 37 percent economic interest in LSE and less than 30 percent of the total voting rights of LSE.

The consortium includes certain investment funds affiliated with Blackstone as well as Thomson Reuters. Blackstone's consortium includes an affiliate of Canada Pension Plan Investment Board, an affiliate of GIC and certain co-investors.

In London, LSE shares were trading at 7,120 pence, up 7.46 percent.