Computer giants Microsoft have completed a 10-year deal that sees it get 4% of the London Stock Exchange Group (LSEG) for cloud data infrastructure.
The exchange will get new data and analytics tools like cloud computing products, modelling solutions with Microsoft Azure, AI, and Microsoft Teams. According to CNBC, the group’s shares went up by 4% on Monday.
“This strategic partnership is a significant milestone on LSEG’s journey towards becoming the leading global financial markets infrastructure and data business, and will transform the experience for our customers,” LSEG CEO David Schwimmer said in a statement.
The details of the deal include that the exchange has to spend a minimum of $2.8 billion on cloud-related products provided by Microsoft within 10 years. Both companies will work on new collaboration tools.
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Microsoft’s executive vice president for the Cloud and AI Group, Scott Guthrie will be appointed as a non-executive director of LSEG. It is not yet clear how much an involvement the computer giant will have on how the exchange operates in the future.
“Advances in the cloud and AI will fundamentally transform how financial institutions research, interact, and transact across asset classes, and adapt to changing market conditions,” Satya Nadella, the chairman and CEO of Microsoft, said.
The deal is unlike the Activision acquisition which is still under review in the UK and Europe, and heading to court in the US over antitrust concerns. There appears to be nothing about this deal that is worth the attention of regulatory bodies.
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