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BX.N., an American private direct investment company, acquired a majority stake in Lufford from Thomson Reuters Corp. (TRI.TO), when it valued Lufford at $20 billion, including debt.
The London Stock Exchange said it would complete the deal by issuing new shares, transforming existing Lufford investors into London Stock Exchange shareholders, who would hold about 37% of the merged company and have less than 30% of the voting rights.
Thomson Reuters, a professional information company, currently owns 45% of Lufford. In a statement, it confirmed that the talks were under way and said it would hold a 15% stake in the London Stock Exchange if the deal was completed.
According to one person familiar with the matter, Blackstone's original investment value in Lufford would roughly double, according to the valuation that the deal would give Lufford. Because Blackstone kept the number secret, the source asked for anonymity.
The London Stock Exchange will take on $12.2 billion in debt as of the end of December as a result of Blackstone's leveraged buyout.
Both the London Stock Exchange and Thomson Reuters warned that progress was uncertain or a deal could be reached. A person familiar with the matter said on Friday that if the negotiations were successful, an agreement could be reached next week.
Lufut did not respond to requests for comment and Blackstone did not comment.


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