In a plan to expand the French market operator’s network of European trading platforms, Euronext offered London Stock Exchange to acquire its Borsa Italiana LSE.L for 4.3 billion euros ($5.1 billion) in cash, the offer which LSE has now accepted, says Euronext.

LSE and Euronext held exclusive talks after the competition arose from Deutsche Boerse DB1Gn.DE and Swiss rival SIX.

This deal would also help LSE to its purchase deal by a data provider Refinitiv which is 45% owned by Parent company of Reuters News Thomson Reuters. As LSE sale of Borsa will help declining the European Commission’s concerns on the increasing control of the European bond market.

In a statement, Euronext CEO Stephane Boujnah said, “Euronext will significantly diversify its revenue mix and its geographical footprint by welcoming the market infrastructure of Italy, a G7 country and the third largest economy in Europe,”

Borsa Italiana acquisition will help Euronext to expand its its equity operations. Euronext along with the combined group of operating exchanges has more than 1,800 listed companies with a market value totaling about 4.4 trillion euros. The acquisition of Borsa includes the bond trading platform MTS that Euronext will now possess in line with its plans for first foray into fixed income trading.

LSE Chief Executive David Schwimmer said in a statement “We believe the sale of the Borsa Italiana group will contribute significantly to addressing the EU’s competition concerns.”

It will be one of the biggest acquisition for the operator of French market as it has 7 billion euros as its own market value. For the acquisition, Euronext is projected to issue 1.8 billion euros in debt to fund it along with rasing 2.4 billion euros in raising the new equity.

Bosra acquisition is politically conerning for Italy due to its ownership by MTS which controls the Italy’s 2.1 trillion euro or $2.5 trillion worth of government bond market trading.