The London Stock Exchange Group has completed its £20bn acquisition of global data provider Refinitiv in an all-share deal.

As part of the deal Refinitiv shareholders will take an approximate 37% stake in the London Stock Exchange Group.

Refinitiv was created in 2018 and provides data services and infrastructure to financial companies. It is jointly owned by US investment firm Blackstone Group and Thomson Reuters and has 40,000 client companies in 190 countries.

David Schwimmer, chief executive Officer, LSE Group said the deal was an “important milestone” in LSEG’s history.

He said: “This transformational transaction brings together two highly complementary global businesses with a shared commitment to an open access philosophy, working in partnership with customers.

“LSEG is focused on delivering the benefits of the transaction helping customers to access data, trading tools, analytics and risk management across the financial markets and at scale around the globe. LSEG is well positioned for long-term sustainable growth in a rapidly evolving landscape as a leading global financial markets infrastructure and data provider.”

Martin Brand, senior managing director, Blackstone, said: “LSEG’s combination with Refinitiv creates a global leader in financial data and infrastructure. We are excited to be a long term partner to LSEG as the company continues to grow and innovate.”