Hong Kong Exchange makes surprise $36.6 bn bid to buy London Stock Exchange

Both firms have been involved in exchange merger deals in recent years

Hong Kong Exchanges and Clearing Ltd. made an unexpected bid for London Stock Exchange Group Plc, which could potentially throw the European exchange’s own transformative deal into jeopardy.

The transaction values one of Europe’s largest exchanges at 29.6 billion pounds ($36.6 billion), according to a HKEX a statement Wednesday. The Asian bourse operator had considered the ‘ambitious and far-reaching’ deal for many months, HKEX Chief Executive Officer Charles Li said. The LSE, which agreed to snap up data provider Refinitiv in a $27 billion blockbuster deal just weeks ago, declined to comment.

Both firms have been involved in exchange merger