The London Stock Exchange Group said Monday it has the approval of major shareholders in its bid to buy nearly two thirds of the shares of LCH.Clearnet, Europe's biggest clearinghouse.

The deal, which values the whole of LCH.Clearnet at $1.1bn, is expected to close in the fourth quarter of this year, the LSEG said in a statement, and has been accpeted by investors holding more than 60% of LCH.Clearnet shares. It also said it had received proxy votes representing around 85% of LCH's share capital.

The deal represents the first major strategic move by CEO Xavier Rolet since his $3bn attempt to combine with Canada's TMX Group collapsed last year after resistence from the Maple Group, a collection of Canada's biggest banks and financial firms.

Xavier Rolet
LSE Group Closes in on LCH.Clearnet takeover