will buy a stake of about 4% in London Stock Exchange Group as part of a 10-year strategic partnership, the U.K. company said Monday.
The commercial agreement will see
‘s data platform and other tech infrastructure migrate to Microsoft Azure, the tech giant’s cloud computing platform.
Microsoft (ticker: MSFT) will buy the LSEG stake from a consortium of
Under the long-term deal, LSEG (LSEG.U.K.) has committed to minimum cloud-related spending of $2.8 billion with Microsoft over the 10-year period. That could increase depending on the success of the partnership and the demand for LSEG’s data platform.
At the same time, the tie-up will “meaningfully” increase the bourse operator’s revenue growth, it said.
“Advances in the cloud and AI will fundamentally transform how financial institutions research, interact, and transact across asset classes, and adapt to changing market conditions,” Microsoft CEO Satya Nadella said in a statement.
The two companies will work together to build next-generation data, analytics and cloud infrastructure solutions across Microsoft’s Azure, AI and Teams segments.
LSEG bought data and trading company Refinitiv for $27 billion last year. The company said it has made “good progress” on the delivery of its cloud-based data platform since the acquisition.
Shares in LSEG rose 4% in early London trading. Microsoft fell 0.2%.
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