The LSE's purchase of the data firm has its origins in May 2013, amid the crocuses, champagne and corporate hobnobbing of London’s Chelsea Flower Show.
Two crossed lines that form an 'X'. It indicates a way to close an interaction, or dismiss a notification.Italian investment banker Matteo Canonaco brokered an introduction between David Craig, who at the time ran Thomson Reuters' Financial and Risk division, the company that became Refinitiv last year, and Joseph Baratta, head of private equity at Blackstone Group.
In order to do that they would have to overcome several hurdles, starting with the need to find an investor with deep pockets willing to back the idea, the sources said. As one of the top executives at the world's largest private equity firm, Baratta could play that role, according to the sources.
It is a quick sale for a private equity firm, which typically holds on to assets for three to five years. Blackstone and its co-investors will immediately double on paper their roughly $4 billion investment in Refinitiv, two sources close to Blackstone said. The private equity firm will be paid with LSE shares and expects to remain invested for years.Craig and Baratta followed up the meeting at the flower show with several others, and were joined by Thomson Reuters executives and bankers.
Negotiations with Thomson Reuters started in earnest in the summer of 2017, with Craig, Blackstone Senior Managing Director Martin Brand and Thomson Reuters CEO Jim Smith gathering at Blackstone's New York offices in July. The talks culminated in a handshake deal at a dinner at Toronto's Bymark restaurant on December 4, attended by Blackstone and Thomson Reuters executives and their advisors, three sources with direct knowledge of the matter said.
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