Blackstone is poised to double the value of its investment in Refinitiv in just 10 months, but won’t be able to sell down completely for some time.
The all-share deal will turn Refinitiv’s owners, which include US private equity group Blackstone and Canada’s Thomson Reuters, into the LSE’s biggest shareholders. Together, they will own 37 per cent of its shares and control just under 30 per cent of its voting rights. The group has agreed to a lock-up period that will prevent them from selling shares for two years, with the exception of a small portion that will be allowed to be sold after 30 days from the deal’s completion. The group will be allowed to exit some of their positions after two years and fully released from any lock-ups after four years.