Terminal value

摘要

Around 2am, as the London Stock Exchange Group (LSE) hammered out an agreement with Blackstone to buy Refini-tiv, a data-provider, mice scurried out of the corners. Unfair tactics, quipped the Blackstone side. But the American private-equity firm still struck a superb deal. On July 27th the lse said it would buy Refinitiv (including its debt) for $27bn in shares. Blackstone has doubled its money in ten months after buying 55% of the data firm in a consortium last year.