LSEG takeover of Quantile gets provisional approval from UK watchdog

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FILE PHOTO: FILE PHOTO: A man shelters under an umbrella as he walks past the London Stock Exchange

LONDON (Reuters) - Britain's competition watchdog has provisionally cleared London Stock Exchange's takeover of Quantile Group, it said on Friday.

LSEG said in December it had acquired Quantile for up to 274 million pounds ($317 million) to expand its range of post-trade risk management solutions for banks, hedge funds and financial institutions trading derivatives.

The Competition and Markets Authority (CMA) referred the deal for an in-depth investigation in May, which has now provisionally concluded.

"The CMA currently considers that the anticipated acquisition will not lead to a substantial lessening of competition between Quantile and its rivals and, therefore, has provisionally concluded that the merger does not raise competition concerns," the CMA said.

The CMA said interested parties have until Sept 30 to respond before it issues a final report by Oct 31.

($1 = 0.8637 pounds)

(Reporting by Iain Withers; editing by Jason Neely)