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D'oh!!! What will be the story now? HKeX takes the cake!
Bullet 3 of this summary seems to answer the question on reductions
The London Stock Exchange Group is buying Refinitiv in a $27B deal, including in excess of $12B in net debt.
The move will be good from a long-term perspective, but LSE Group will have to focus on reducing its net debt again.
The annual synergy benefits are estimated at 350M GBP per year, and should be reached within 5 years.
Of course they will. The deal won't close for 1-2 years and so they must keep planning for the future. The question is what will be done with Beta in Brookfield? WFA buys, clients leave, they just close shop?
I am wondering if LSE will continue with the Refinitiv plan of layoffs... anyone have a clue?
Sounds about the same as when Financial and Risk was still part of TR. Jim Smith couldn't innovate, and the analysts said so - all he could do was cut costs by slashing the workforce. In fairness he did react to that but the innovation toolkit was so complex that any innovation was probably soon quashed.
From the TR quarterly earnings today (below), Jim Smith (president and CEO of TR) makes it sound like nothing productive/creative has been achieved since Black took over last year. Just 'operational enhancements' (i.e. making 1 person do what was the work of 7) and cost-slashing. And sounds like even more layoffs coming, figuring more blood can be squeezed from the stone :(
"Mr. Smith continued, "As a future investor, we are encouraged by LSEG's strong track record of integrating acquisitions, realizing synergies and driving growth and profitability, and we expect LSEG to create further value going forward. The value creation at Refinitiv since our partnership with Blackstone has largely been driven by operational enhancements, cost savings and the IPO of Tradeweb. This transaction with LSEG will double down on operational enhancements with significant additional synergies expected."
- and the BB story: https://www.bloomberg.com/news/articles/2019-08-01/lse-seals-27-billion-refinitiv-deal-biggest-ever-for-city-icon