- The London Stock Exchange Group has agreed to divest BETA, Maxit, and Digital Investor (collectively BETA+) to affiliates of Clearlake Capital Group L.P and Motive Partners for total cash consideration of $1.10 billion, before tax and separation costs.
- LSEG expects to close the deal in 2H22. LSEG plans to return a significant proportion of the net proceeds to shareholders via a buyback.
- BETA+ provides back-office processing solutions to the wealth management industry, including securities processing and tax reporting.
- In 2021, BETA+ had revenues of $300 million, primarily linked to U.S.markets.
- Andrea Remyn Stone, Group Head Data & Analytics, LSEG, said, “The divestment of BETA+ will focus LSEG’s Wealth business on meeting our customers’ needs in high growth areas.”
- LSEG acquired BETA+ as a part of the Refinitiv deal. Earlier, Refinitiv was part of Thomson Reuters Corp (NYSE:TRI), which was then acquired by LSEG for $27 billion.
Tetra Tech Secures $19.5M Contract From USAID
Tetra Tech, Inc. (NASDAQ:TTEK) has secured a four-year, $19.5 million, single-award contract from the U.S. Agency for International Development (USAID). Tetra…
