PARIS/LONDON (Reuters) – Euronext

is to buy Borsa Italiana from London Stock Exchange

for 4.33 billion euros ($5.09 billion) in cash, the firms said on Friday, in a major expansion of the French operator’s network of European trading platforms.

LSE entered exclusive talks with Euronext last month after the Paris bourse owner saw off competition from Deutsche Boerse

and Swiss rival SIX.

LSE is selling Borsa as part of regulatory remedies to see through its $27 billion purchase of data provider Refinitiv, which is 45% owned by Thomson Reuters
, the parent company of Reuters News.

The sale is contingent on the European Commission formally stating it will only approve the Refinitiv deal if all or part of Borsa Italiana is sold.

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

Euronext,