Microsoft is to take a 4% equity stake in London Stock Exchange Group as part of a 10-year commercial deal to migrate the exchange operator's data platform into the cloud, the British company said on Monday.
Microsoft has longstanding links with LSEG, but the exchange group's Chief Executive David Schwimmer said that about a year ago they began talks on closer ties.
The European Union has just approved a law introducing safeguards on cloud providers in financial services, with Britain set to follow suit. "We will continue to maintain our multi-cloud strategy and working with other cloud providers," Schwimmer said. As part of the deal, LSEG has made a contractual commitment for minimum cloud-related spend with Microsoft of $2.8 billion over the term of the partnership.
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