US tech giant to provide data analytics and cloud products in 10-year strategic partnership
Scott Guthrie, executive vice-president of Microsoft’s Cloud and AI unit, will take a seat on the board of London Stock Exhange Group. Photograph: Kirsty O'Connor/PAMicrosoft has agreed to buy a £1.5 billion stake in London Stock Exchange Group as part of a 10-year strategic partnership, marking the latest incursion by Big Tech into the operation of global markets.
Under the agreement, Microsoft will acquire a 4 per cent stake in LSEG worth about £1.5 billion from Blackstone, Thomson Reuters, Canada Pension Plan Investment Board and Singapore’s sovereign wealth fund GIC. As well as improving the 300-year-old exchange’s data and analytics, the tie-up would “meaningfully” increase LSEG’s revenue growth over time as they developed new products together, the companies said on Monday.
The deal was “far, far different to simply lifting and shifting assets to the cloud”, said David Schwimmer, LSEG chief executive, describing it as “a significant strategic partnership where we’re building products together and accessing markets together”.
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