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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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  "notes": "The slide outlines the deal structure for the LSEG-Refinitiv acquisition.",
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      "text": "Note: (1) Based on Refinitiv's net debt of $12.5bn and other adjustments as of June 2019 (2) Based on £56.86 VWAP and daily USD/ Sterling FX rate",
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      "text": "Structure and Purchase Price: All share transaction; LSEG to acquire Refinitiv for an enterprise value of approximately $27bn, with an equity value of $14.5bn. Pro Forma Ownership: New shareholders will receive c.204.4m shares based on VWAP share price of $71.12 from 1st July to 26th July, 2019; Total new shares issued will represent an economic interest equal to approximately 37% of LSEG, and less than 30% of the total voting rights. Standstill & Lock-Up: Refinitiv shareholders will be subject to a lock-up for the first 2 years post completion; In years 3 and 4 post completion, Refinitiv shareholders will become entitled to sell 1/3 in each year and in year 5 the lock-up ends; A standstill restriction will also apply to Refinitiv shareholders until 3 years post completion.",
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