London — London Stock Exchange Group (LSEG) has reached an agreement to acquire financial data and intelligence provider Octus for approximately $3.54 billion, marking its biggest acquisition since its $27 billion purchase of Refinitiv in 2019.
The deal is designed to strengthen LSEG’s presence in financial information and analytics as artificial intelligence reshapes how investors, banks and businesses access and use data. The group operates both the London Stock Exchange and the Tradeweb marketplace.
Octus specializes in credit market intelligence, with a particular focus on companies experiencing financial difficulties. Its team of journalists, analysts and legal experts produces information used by banks and investors to assess debt markets and financially distressed businesses.
LSEG said Octus’s products and customer relationships would complement its existing fixed-income business. The acquisition is expected to expand the group’s services for clients seeking detailed intelligence on debt markets and companies facing financial challenges.
Chief Executive David Schwimmer said combining Octus’s proprietary information with LSEG’s analytics capabilities would strengthen the offering available to customers and support faster growth.
The transaction will be funded through external debt. LSEG expects the acquisition to have no impact on adjusted earnings during the first full year following completion, with a positive contribution anticipated in subsequent years.
LSEG has been increasing its investment in analytics and artificial intelligence, including through partnerships with OpenAI and Anthropic. Its initiatives include developing AI-powered tools and licensing proprietary financial data.
However, the company’s expansion comes amid investor concerns that artificial intelligence could disrupt established financial information providers and put pressure on industry profit margins. LSEG shares were approximately flat for the year and about 26% below their February 2025 peak, reflecting uncertainty over the sector’s evolving competitive landscape.
Activist investor Elliott, which disclosed a stake in LSEG in February, has been pressing the company to make changes to its portfolio. Elliott had not immediately responded to a request for comment on the Octus acquisition. LSEG previously described its discussions with the investor as constructive.
The announcement also coincided with an improved financial outlook. After reporting third-quarter results that surpassed analysts’ expectations, LSEG raised its revenue forecast for 2026. The company now expects organic total income growth, excluding recoveries, of at least 8% at constant currency rates.
LSEG shares gained approximately 2% in early trading after the announcement. The stock had fallen earlier in October when the company confirmed that it was in discussions regarding Octus.
The latest transaction follows LSEG’s landmark 2019 agreement to acquire Refinitiv from Thomson Reuters for $27 billion. That acquisition helped establish the group as both a distributor and producer of financial market information.
The planned purchase of Octus underscores the importance LSEG places on specialized credit intelligence and AI-enabled analytics as it pursues growth. The deal’s longer-term financial benefits will depend in part on the company’s ability to integrate Octus, manage the additional debt and navigate technological changes affecting the financial information industry.
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