Clearlake Capital Group, L.P. and Motive Capital Management, LLC entered into a definitive agreement to acquire BETA, Maxit and Digital Investor assets from London Stock Exchange Group plc (LSE:LSEG) for $1.1 billion on March 21, 2022. The consideration of $1.1 billion will be paid in cash, before tax and separation costs. In the year ended December 31, 2021, BETA+ had revenues of approximately $300 million, primarily linked to US markets. The deal is subject to regulatory approvals and other customary closing conditions,áincluding theáexpiration of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act and certain customer consents. The transaction is expected to close in the second half of 2022. LSEG expects to hand a "significant proportion" of the net proceeds to shareholders via a buyback, which would likely start in the third quarter. Fraser Allan, James Robertson and Tom Brown of BofA Securitiesáacted as sole financial adviser to LSEG. The Clearlake and Motive were advised by Wells Fargo as exclusive financial advisor, Sidley Austin LLP as legal counsel, Deloitte as accounting, tax, carveout and human resources counsel, BCG as commercial advisor, and Motive Create for technical due diligence. Gibson, Dunn & Crutcher LLP also acted as legal counsel for Motive Partners. Leah Sauter, Peter Harwich, Lisa Watts, Eric Kamerman, Jennifer Pepin, Farrell Malone, Kelly Fayne, Steven Betensky, Tony Kim, Andrew Galdes, Drew Levin, Anna Ngo, Edward Barnett and Farah OÆBrien of Latham & Watkins LLP acted as legal advisor for London Stock Exchange Group plc in the transaction. AZB & Partners acted as legal advisor to London Stock Exchange Group plc (LSE:LSEG).
Clearlake Capital Group, L.P. and Motive Capital Management, LLC completed the acquisition of BETA, Maxit and Digital Investor assets from London Stock Exchange Group plc (LSE:LSEG) on July 1, 2022. BETA, Maxit and Digital Investor will operates as BetaNXT. Stephen C. Daffron, Industry Partner at Motive Partners, named Chairman and Chief Executive Officer, Caroline OÆConnell, Industry Partner at Motive Partners, to serve as Chief Administrative Officer, Don Henderson appointed Chief Technology Officer, Tim Rutka as President of BETA, and Michael Pass as President of Maxit and Digital Investor. Goldman Sachs, Wells Fargo Securities, UBS Investment Bank, BNP Paribas and ING Capital arranged financing supporting the transaction. Vivek K Chandy, Shafaq Sapre, Kumarmanglam Vijay, Shareen Gupta, Karthik BM, Vaibhav Choukse, Anjana Potti and Preetha S of J. Sagar Associates acted as legal advisor to Clearlake Capital Group, L.P. and Motive Capital Management, LLC on the Indian leg of their acquisition of BETA+ assets from Refinitiv India, a London Stock Exchange Group company.