The London Stock Exchange Group's (LSEG) offer to buy a majority stake in clearinghouse LCH.Clearnet has been declared wholly unconditional and will complete today, the firms said in a joint statement.
LSEG has received sufficient irrevocable binding subscription commitments to back the offer, the final hurdle in the deal after all the necessary regulatory approvals were passed. Settlement is set by May 15, while the capital raise is expected in the second quarter.
The combined firms are "now focused on the post-completion program to ensure expected synergies are achieved and commercial opportunities are maximized," according to the statement.
LSEG's offer for a 57.8% stake in LCH.Clearnet values the clearinghouse at approximately €633 million.