(Alliance News) - The UK competition regulator on Tuesday said remedies offered to lessen concerns over London Stock Exchange Group PLC's purchase of Quantile Group Ltd did not provide "a clear-cut solution".
As such, it will carry out an in-depth investigation of the deal.
In December, LSEG announced that it would acquire portfolio, margin and capital optimisation services provider Quantile for up to GBP274 million, an acquisition which would allow the stock exchange operator to expand its range of post-trade risk management solutions to its customers.
Earlier this month, Competition & Markets Authority had given LSEG a week to soothe the competition concerns it had about the deal.
The companies last Tuesday offered undertakings to fix the CMA's competition concerns over the deal, but the regulator decided not to accept the proposals and instead will refer the merger for an in-depth investigation.
Shares in LSEG were up 1.2% at 7,230.00 pence in London on Tuesday morning.
By Lucy Heming; lucyheming@alliancenews.com
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London Stock Exchange (LSEG)