London Stock Exchange sells wealth business unit for $1.1bn

LONDON: The London Stock Exchange Group said on Monday it will divest its wealth management technology operations BETA+ for $1.1 billion to affiliates of Clearlake Capital Group and Motive Partners to cut the exchange’s leverage.

“In addition, LSEG announces that it has entered into a new long-term strategic partnership for data, content and tools with BETA+ and portfolio companies owned by Motive and Clearlake,” LSEG said in a statement.

The partnership will provide LSEG with new, recurring revenues at attractive growth rates through access to new client segments, the exchange said.