As a part of a commercial deal to migrate London Stock Exchange Group’s (LSEG) data platform into the cloud, Microsoft will take a 4% equity stake in the exchange operator.
As part of the deal, LSEG has made a contractual commitment for minimum cloud-related spend with Microsoft of $2.8 billion over the term of the partnership.
The partnership will be based on the digital transformation of LSEG's technology infrastructure and Refinitiv platforms on to the Microsoft Cloud, said Microsoft.
"The initial focus will be on delivering interoperability between LSEG Workspace and Microsoft Teams, Excel and PowerPoint with other Microsoft applications and a new version of LSEG’s Workspace," the U.S. company said.
In early trade, the shares of LSEG were up 4%.
LSEG bought Refinitiv for $27 billion from a Blackstone and Thomson Reuters' consortium, which turned the exchange into the second largest financial data company after Bloomberg LP.
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