London (CNN Business) The London Stock Exchange has agreed to buy financial data provider Refinitiv, creating a British rival to industry juggernaut Bloomberg.

Refinitiv shareholders will end up owning a 37% stake in the London Stock Exchange. The all-share deal values Refinitiv at $27 billion, including its debt.

Thomson Reuters TRI The purchase comes less than a year after news and information provider sold a majority stake in Refinitiv to a group of investors led by private equity group Blackstone.

London Stock Exchange LDNXF Theand Refinitiv had combined revenue of £6 billion ($7.3 billion) in 2018. Together, the companies will be the world's largest financial markets infrastructure provider.

The deal could give London Stock Exchange the scale needed to compete with industry heavyweight Bloomberg by combining the data generated by the exchange with Refinitiv's distribution and analytics. It will also bolster the British company's position in foreign exchange and fixed income trading through Refinitiv's FXall and Tradeweb platforms.

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