Clearlake and Motive’s $1,100 Million Acquisition of BETA+

Latham & Watkins represented London Stock Exchange Group in the transaction while Sidley advised Clearlake Capital Group, L.P. and Motive Partners.

London Stock Exchange Group plc (LSEG) has announced it has agreed to divest BETA, Maxit and Digital Investor (collectively BETA+) to affiliates of Clearlake Capital Group L.P. and Motive Partners for a total cash consideration of US$1,100 million, before tax and separation costs. The transaction is expected to complete in H2 2022 and is subject to the satisfaction of certain customary conditions, including the expiration of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act and certain customer consents.

Clearlake Capital Group, L.P. is an investment firm founded in 2006 operating integrated businesses across private equity, credit and other related strategies. 

Motive Partners is a specialist private equity firm with offices in New York City and London, focusing on control-oriented growth equity and buyout investments in software and information services companies based in North America and Europe.

Latham & Watkins LLP represented London Stock Exchange Group in the transaction with a corporate team led by New York partners Leah Sauter (Picture) and Peter Harwich, with associates Sašo Kraner and Katherine Cody. Advice was also provided on tax matters by New York partners Lisa Watts and Eric Kamerman; on benefits & compensation matters by New York partner Jennifer Pepin, with associate Max Raskin; on antitrust matters by Washington, D.C. partner Farrell Malone, and Bay Area partner Kelly Fayne, with associates Doug Tifft and Zoë Hutchinson; on intellectual property matters by New York partner Steven Betensky, with associates Ryan Clore and Ryan Sanders; on data privacy & security matters by Washington, D.C. partner Tony Kim, with associate Adriana Beach; on export controls and sanctions matters by Washington, D.C. counsel Andrew Galdes; on insurance matters by Los Angeles partner Drew Levin, with associate Harrison White; and on certain UK law matters by London partners Anna Ngo, Edward Barnett, and Farah O’Brien.

The Sidley team is being led by Mehdi Khodadad and Matthew Stoker (M&A and Private Equity), and includes Scott Parel, Patrick Hogan, David Meehan, Diana DuBois, Helen Jazzar, Lauren Taylor, and Marina R. Mehrtens (M&A and Private Equity); Nicholas Schwartz, Mark Adler, Marc Weinstein, and Nicholas Prey (Global Finance); Eric Kauffman, Cathryn Le Regulski, and Emily Wajert (Employment); Rachel Kleinberg, Katharine Funkhouser, and Jonathan Westreich (Tax); Stacy Crosnicker and Gregory Matisoff (Employee Benefits and Executive Compensation); Kyle Barnett, Dina Kang and Collin Marshall (Technology and Life Sciences Transactions); Karen Kazmerzak, Ken Daly, Jamie Sadler, and Jakob Dewispelaere (Antitrust/Competition); Sven De Knop, Alessandra Moroni, and Carys Golesworthy (International Trade); Sujit Raman, Sheri Porath Rockwell, and Denise Kara (Privacy and Cybersecurity); Dennis Coghlan, Joy Kerr, and S. Joey Lam (Real Estate); Scott Goldstein (Insurance); and Craig Dukin, Heather Hedges, and Lauri Bonacorsi (Regulatory).

Involved fees earner: Edward Barnett – Latham & Watkins; Adriana Beach – Latham & Watkins; Steven Betensky – Latham & Watkins; Ryan Clore – Latham & Watkins; Katherine Cody – Latham & Watkins; Andrew Galdes – Latham & Watkins; Peter Harwich – Latham & Watkins; Zoe Hutchinson – Latham & Watkins; Eric Kamerman – Latham & Watkins; Antony Kim – Latham & Watkins; Saso Kraner – Latham & Watkins; Drew Levin – Latham & Watkins; Farrell Malone – Latham & Watkins; Anna Ngo – Latham & Watkins; Farah O’Brien – Latham & Watkins; Jennifer Pepin – Latham & Watkins; Max Raskin – Latham & Watkins; Ryan Sanders – Latham & Watkins; Leah Sauter – Latham & Watkins; Kelly Smith Fayne – Latham & Watkins; Doug Tifft – Latham & Watkins; Lisa Watts – Latham & Watkins; Harrison White – Latham & Watkins; Mark Adler – Sidley Austin LLP; Kyle Barnett – Sidley Austin LLP; Dennis Coghlan – Sidley Austin LLP; Stacy Crosnicker – Sidley Austin LLP; Ken Daly – Sidley Austin LLP; Sven De Knop – Sidley Austin LLP; Jakob Dewispelaere – Sidley Austin LLP; Diana DuBois – Sidley Austin LLP; Craig Francis Dukin – Sidley Austin LLP; Katharine Funkhouser – Sidley Austin LLP; Scott Goldstein – Sidley Austin LLP; Carys Golesworthy – Sidley Austin LLP; Heather Hedges – Sidley Austin LLP; Patrick Hogan – Sidley Austin LLP; Helen Jazzar – Sidley Austin LLP; Dina Kang – Sidley Austin LLP; Denise Kara – Sidley Austin LLP; Eric Kauffman – Sidley Austin LLP; Karen Kazmerzak – Sidley Austin LLP; Joy Kerr – Sidley Austin LLP; Mehdi Khodadad – Sidley Austin LLP; Rachel D. Kleinberg – Sidley Austin LLP; Joey Lam – Sidley Austin LLP; Cathryn Le Regulski – Sidley Austin LLP; Gregory Matisoff – Sidley Austin LLP; David Meehan – Sidley Austin LLP; Marina Mehrtens – Sidley Austin LLP; Alessandra Moroni – Sidley Austin LLP; Scott Parel – Sidley Austin LLP; Nicholas Prey – Sidley Austin LLP; Sujit Raman – Sidley Austin LLP; Sheri Porath Rockwell – Sidley Austin LLP; Jamie Sadler – Sidley Austin LLP; Nicholas Schwartz – Sidley Austin LLP; Matthew Stoker – Sidley Austin LLP; Lauren Taylor – Sidley Austin LLP; Emily Wajert – Sidley Austin LLP; Marc Weinstein – Sidley Austin LLP; Jonathan Westreich – Sidley Austin LLP;

Law Firms: Latham & Watkins; Sidley Austin LLP;

Clients: Clearlake Capital Group, L.P.; London Stock Exchange; Motive Partners;