The London Stock Exchange is to lift its stake in LCH Group to 80%, paying £384 million for an additional 15.1% interest in the clearing house.
LSE first acquired a majority stake in the business in 2013 and has subsequently topped up its ownership with previous minority acquisitions in late 2017 and early 2018. The deal, which is expected to close before the end of 2018, will leave 14 minority shareholders invested in the business.
The news came as the LSE reported a solid set of Q3 results, recording five percent revenue growth to £464m and total income up eight percent to £522m.
Refelecting its strategic business value, LCH income was up 15%, driven by 12% revenue growth in OTC clearing, with strong volumes at SwapClear and ForexClear also contributing to 49% growth in net treasury income.