LSE-Refinitiv 取引，協定 直面するs long 独占禁止の review - sources
By Pamela Barbaglia
LONDON, July 28 (Reuters) - U.S. buyout 基金 Blackstone Group Inc is 推定する／予想するd to 発表する the 合併 of its 大多数-owned 財政上の data 会社／堅い Refinitiv with the London 在庫／株 交流 Group Plc within a week, but the 取引，協定 is 推定する／予想するd to 直面する a long 独占禁止の review before it can の近くに, four sources told Reuters.
交渉s on the $27 billion 取引，協定 are at an 前進するd 行う／開催する／段階, with Blackstone, the LSE and Thomson Reuters Corp in 幅の広い 協定 on the main 面s of the 取引，協定, the sources said, speaking on 条件 of anonymity.
A formal 告示 could come on Aug. 1 when the LSE publishes half-year results, two of the sources said.
Thomson Reuters 広報担当者 David Crundwell 拒絶する／低下するd to comment. 代表者／国会議員s at Refinitiv, Blackstone and the LSE also 拒絶する／低下するd to comment.
A 合併 would 意味ありげに 拡大する the LSE's （警察などへの）密告，告訴（状） services 商売／仕事, which the bourse 操作者 has been building as a more stable source of cash flow than its 貿易（する）ing and （疑いを）晴らすing 商売／仕事s, putting 圧力 on competitors 含むing Intercontinental 交流 Inc and Deutsche Boerse AG .
A 取引，協定 could however 直面する some 危険s.
独占禁止の regulators in Europe and the 部隊d 明言する／公表するs are 推定する／予想するd to start an in-depth review which may last up to 18 months, the sources said.
In the European Union, the 取引，協定 is 推定する／予想するd to go into a 段階 II 調査, two sources said, a more onerous review used only in 取引，協定s where there are 関心s it will have a major 衝撃 on 競争.
The EU is 推定する／予想するd to scrutinize if the 取引，協定 will 影響する／感情 the price of 財政上の data, one source said.
投資家 groups in Europe have been ロビーing for 在庫／株 交流s to 削減（する） the price of 在庫／株 処理／取引s data so that a "強固にする／合併する／制圧するd" 料金d of prices from different 壇・綱領・公約s can be created at a reasonable cost.
SHARE LOCK-UPS
Blackstone and other Refinitiv 投資家s will also 直面する several 株 lock-up periods, with the first 推定する／予想するd to last through 2022, depending on the length of the 独占禁止の review.
Three sources familiar with the 事柄 told Reuters that the 私的な 公正，普通株主権 基金 ーするつもりであるs to 圧力（をかける） ahead with the 取引，協定 having carefully 重さを計るd regulatory 障害物s and the 危険 that LSE 株 could 落ちる はっきりと if Britain leaves the EU without a 取引，協定 in October.
They said the 取引，協定 has 戦略の 長所s and would not be a "quick flip" as the U.S. 基金 will keep 投資するing in the 連合させるd （独立の）存在 for at least another three to four years.
"This is like a 逆転する buy-and-build 戦略," one source said, 追加するing a 合併 with the LSE had been 熟視する／熟考するd since the Refinitiv 取引，協定 の近くにd in October.
If successful, Blackstone will have 概略で 二塁打d the value of its 初めの 投資 in Refinitiv in nine months.
It will then be able to 徐々に 減ずる its LSE （危険などに）さらす by selling 株 as lock-up periods 満了する／死ぬ, the sources said.
One source said the 取引，協定 has been discussed by the Thomson Reuters board, which was in favour of the 処理／取引.
The company said on July 26 that a 30-year 協定 for Refinitiv to license content from Reuters News, 調印するd when Blackstone 投資するd, would remain in place under the 条件 of the new 取引，協定.
BOARD SEATS
The LSE has said it would 支払う／賃金 for the を取り引きする newly 問題／発行するd 株, turning Refinitiv's 存在するing 投資家s into LSE 株主s who would own about 37% of the 連合させるd company.
Blackstone bought a 大多数 火刑／賭ける in Refinitiv from Thomson Reuters last year in a 取引，協定 valuing the company at $20 billion, 含むing 負債.
Blackstone agreed last year to 認める Thomson Reuters 令状s that would 増加する its 45% 火刑／賭ける in Refinitiv to 47.6% if some 業績／成果 metrics were met, three of the sources said.
Those milestones have now been 達成するd by Refinitiv, によれば the sources. This means Thomson Reuters will 安全な・保証する a 15% LSE 火刑／賭ける, while Blackstone and other 少数，小数派 投資家s, 含むing Canada 年金 Pl an 投資 Board and Singapore 明言する／公表する 基金 GIC - which helped 財政／金融 the Refinitiv buyout - will 支配（する）／統制する 22%.
Refinitiv 管理／経営 will also get some LSE 株, the sources said.
Blackstone and Thomson Reuters are 推定する／予想するd to have seats on the LSE board as part of a 取引，協定, though their 連合させるd 投票（する）ing 権利s will be capped at 30%.
Blackstone will have two board seats while Thomson Reuters will have one, the sources said.
Refinitiv boss David Craig will continue 主要な the 財政上の data 会社／堅い as an 独立した・無所属 brand within LSE, the sources said.
Goldman Sachs Group Inc, Morgan Stanley and Robey Warshaw are working with the LSE, the sources said.
Blackstone has 雇うd Evercore Inc and Canson 資本／首都 Partners to 交渉する on its に代わって, while Thomson Reuters is 代表するd by Guggenheim 安全s, they 追加するd. (報告（する）／憶測ing by Pamela Barbaglia 付加 報告（する）／憶測ing by Huw Jones Editing by Rachel Armstrong and David Holmes)
