LSEG Sells 20% Post-Trade Unit, Pays £1.15bn

The London Stock Exchange Group agreed to sell a 20% stake in its Post Trade Solutions unit to a consortium of 11 global banks for £170m, valuing the business at about £850m; buyers include Bank of America, Barclays, BNP Paribas, Citi, Deutsche Bank, HSBC, J.P. Morgan, Morgan Stanley, Nomura, Société Générale and UBS. The investing banks will become shareholders, nominate three directors to the Post Trade Solutions board and provide strategic input into the unit’s growth. As part of the deal LSEG will pay about £1.15bn to reduce the banks’ entitlement to SwapClear’s revenue surplus — cutting it from roughly 30% historically to 15% for 2025 (applied retroactively) and to 10% from 2026 — and the banks have agreed to extend a 10% share from 2035 to 2045. LSEG said Post Trade Solutions generated about £96m of revenue and £16m of normalised EBITDA in 2024, and the transaction is expected to be roughly 2–3% accretive to adjusted EPS in 2025 and to improve group margins. LSEG positioned the deal as reinforcing long-term partnerships with major clearing participants to drive post-trade efficiency and risk management and signalled increased share buybacks amid slower subscription growth.