US investment advisers Kinetics Asset Management and Horizon Asset Management, both shareholders of the London Stock Exchange (LSE), have announced that they plan to support LSE’s planned acquisition of Italian stock exchange Borsa Italiana.
“Kinetics and Horizon intend to vote all the shares of London Stock Exchange held by both organisations in favour of the acquisition,” the companies said in a statement.
LSE’s shareholders will vote on the acquisition at an extraordinary general meeting on 8 August at 10am. Borsa Italian shareholders will vote on the deal earlier on the same day.
LSE announced its intention to buy Borsa Italiana on 23 June. Under the deal, Borsa Italiana shareholders will be offered 4.9 LSE shares for each Borsa Italiana share. The offer values the Italian stock exchange at £1.1 billion ($2.2 billion).