The Hong Kong Exchanges and Clearing Limited’s £31.6 Billion Proposal to Acquire the London Stock Exchange Group

On September 11, 2019, the Hong Kong Exchanges and Clearing Limited announced that it has made a proposal to the Board of the London Stock Exchange Group plc (“LSEG”) to combine the two companies. The proposed transaction implies a value for the entire issued and to be issued ordinary share capital of LSEG of approximately £29.6 billion, implying an enterprise value of £31.6 billion. Cravath is representing the Hong Kong Exchanges and Clearing Limited as U.S. counsel in connection with the proposal.

The Cravath team is led by partners Richard Hall and Philip J. Boeckman and includes associate Norman J. Walczak on M&A matters and partner Christine A. Varney and senior attorney Jesse M. Weiss on antitrust matters. Henri R. Simonet also worked on M&A matters.