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  "documentTitle": "LSE | Mergers and Acquisitions Presentation Deck | 43 slides",
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  "authorName": "London Stock Exchange Group",
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  "presentationDate": "2019-08-01 00:00:00",
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      "text": "High quality business mix increasing recurring subscription-based revenue from c.40% to c.70%\nRevenue CAGR of 5-7% targeted over the first three years post completion\nStrong geographic diversification and broader customer reach\nAnnual run rate cost synergies in excess of £350m to be achieved by end of year 5\nAnnual run rate revenue synergies in excess of £225m to be achieved by end of year 5\nTarget adjusted EBITDA margin of around 50% in the medium term post completion\nDelivers enhanced returns for shareholders, with over 30% adjusted EPS accretion in the first full year post completion and increasing in years 2 and 3\nExpected to deliver a ROIC that exceeds LSEG's investment criteria in the 3rd year post completion\n1.0 - 2.0x target leverage in 24-30 months post completion, from around 3.5x at completion\nContinuation of LSEG's progressive dividend policy",
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      "text": "1. High quality revenue mix with attractive growth\n2. Significant synergies\n3. Attractive returns\n4. Maintains current capital management framework",
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      "text": "Note: These statements are based on non-IFRS financial projections on Refinitiv. These statements may be subject to amendment by LSEG in the Circular and Prospectus when based on Refinitiv financial projections under IFRS and / or IFRS-consistent accounting policies adopted by LSEG in its own internal Group projections\n(1) Revenue excludes recoveries and includes treasury income and other income\n(2) 2018 adjusted EBITDA margin for LSEG was 50% and 2018 adjusted EBITDA margin excluding recoveries for Refinitiv was 36%",
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