London Stock Exchange Group acquires Millennium Information Technologies (MillenniumIT)

Mon. October 19, 2009; Posted: 02:18 PM

Oct 19, 2009 (Datamonitor Financial Deals Tracker via COMTEX) -- LDNXF | Quote | Chart | News | PowerRating -- London Stock Exchange Group Plc (LSE), a UK-based operator of stock exchange, has acquired 100% of Millennium Information Technologies, Ltd. (MillenniumIT), a Sri Lanka-based technology solutions provider serving the capital markets industry.

Announcement (September 16, 2009):

LSE has agreed to acquire MillenniumIT for $30 million.

Under the terms of the offer, LSE has offered to acquire 100% of MillenniumIT's shares for cash consideration with a share alternative. LSE would pay 73% of the total consideration in cash, with the remaining in new LSE shares to be issued, estimated at around 0.6 million shares. The transaction is expected to complete by mid October 2009.

Freshfields Bruckhaus Deringer LLP is acting as legal advisor to LSE.

Deal Value (US$ Million) 30
Deal Type                Acquisition
Sub-Category             100% Acquisition
Deal Status              Completed: 2009-10-19

Deal Participants

Target (Company)   Millennium Information Technologies, Ltd.
Acquirer (Company) London Stock Exchange Group Plc

Deal Rationale

The acquisition would enable LSE to implement a new and efficient IT capability for its future business development as well as running a new cash trading platform which will provide substantially lower latency, significantly higher capacity and improved scalability. It would also offer LSE with cost saving opportunities in the future and give the group a footprint in Asia.

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