London Stock Exchange in deal talks with Primarybid as fintech’s chair prepares to step down
The London Stock Exchange is reportedly in talks to buy parts of Primarybid in an attempt to bolster its offering to retail investors.
The exchange is in advanced discussions with London-based retail investment platform to license its retail capital-raising technology, as well as its regulated dealmaking activities and key UK operations, Sky News reported.
However, the price the LSE intends to pay for parts of the company is unclear, the report added.
One source close to the exchange told the outlet that a deal with the British fintech would represent a logical extension of its objective of promoting greater retail access to markets.
News of the deal comes after it was reported that the Financial Conduct Authority is poised to give the green light to a major set of reforms to the City’s listings regime, with some expecting the revamped rules could be unveiled after the election in mid-July.
Sky News also reported that Primarybid’s chairman, Donald Brydon, is also set to step down.
Brydon, a veteran businessman who used to chair the London Stock Exchange’s parent company, is due to step back from the eight-year-old fintech firm as it transitions into becoming a pure-play technology business, according to the report.
A spokesperson for the London Stock Exchange Group told Morning Wire: “We do not comment on speculation. LSEG has held a minority interest in Primarybid since 2020 as part of our shared ambition to broaden retail investor access to public equity markets.”
Primarybid declined to comment.