Microsoft to buy minor stake in London Stock Exchange
US software giant Microsoft will buy a four-percent stake in the London Stock Exchange Group under a new IT services tie-up, the pair announced on Monday. The long-term partnership focuses "next-generation data and analytics and cloud infrastructure solutions" including artificial intelligence (AI), a statement said. Microsoft will acquire a holding worth £1.5 billion at current prices, while London Stock Exchange Group (LSEG) committed to spending a minimum of US$2.8 billion on cloud-related services. The tie-up will help LSEG further integrate Refinitiv, the US financial data provider it purchased last year, and boost revenue growth. "This... is a significant milestone on LSEG's journey towards becoming the leading global financial markets infrastructure and data business," said its chief executive David Schwimmer. Microsoft CEO Satya Nadella said in the statement that advances in cloud and AI technology would "fundamentally transform how financial institutions research, interact, and transact". LSEG shares jumped 2.7 percent to £76 on London's benchmark FTSE 100 index, which was down slightly overall. That gave it a stock market capitalisation of about £37.3 billion. (AFP)