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The purchase price has been set at USD30m, with an estimated 73% of the total consideration to be paid in cash and the remainder in approximately 600,000 new London Stock Exchange Group shares.
The deal is expected to be completed by mid-October 2009. London Stock Exchange Group expects to generate cost savings of at least GBP10m per year from the 2011-2012 fiscal year.
The acquisition will enable London Stock Exchange Group to implement a new, efficient IT capability for future business development and provide a new cash trading platform.
The group will start migrating clients to MillenniumIT's trading system from the end of 2010, replacing TradElect, Infolect and other interfaces.
(USD1=GBP0.61)
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