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London Stock Exchange, Deutsche Boerse agree "merger of equals": media

Xinhua, March 16, 2016 Adjust font size:

The London Stock Exchange Group (LSE) and the Deutsche Boerse announced that they have reached an agreement for a "merger of equals" on Wednesday, according to British media.

The merger will build one of the largest exchange companies in the world with a combined value of about 21 billion pounds (29.5 billion U.S. dollars), the British Broadcasting Corporation said.

The tie-up will be carried out through the creation of a new UK holding company named UK TopCo.

Under the terms of the deal, LSE shareholders will own 45.6 percent of the new company, while Deutsche Boerse shareholders will own 54.4 percent.

The two exchanges said the combined group will maintain headquarters in London and Frankfurt, and the board will have equal representation from both companies.

The pair said the "combination of London, Frankfurt and Milan will provide a platform for financing and promoting economic growth of European companies and be an attractive offering to Asian and U.S. companies looking to access investors and capital."

The merger is expected to be completed by the end of this year or early next year. Endit