Microsoft will receive a 4 percent stake in London Stock Exchange Group as part of a 10-year commercial deal to move the exchange operator’s data platform to the cloud.

As part of the deal, LSEG has made a contractual commitment of $2.8 billion in minimum spending on cloud computing with Microsoft over the term of the partnership.

Microsoft said the foundation of the partnership will be the digital transformation of LSEG’s technology infrastructure and Refinitiv platforms into the Microsoft Cloud.

LSEG shares rose 4 percent in early trading.

LSEG bought Refinitiv for $27 billion from a consortium of Blackstone and Thomson Reuters, which turned the exchange into the second-largest financial data company after Bloomberg LP.

LSEG has made “good progress” on its cloud data platform program since completing its acquisition of Refinitiv in January 2021, the company said in a statement.

Microsoft will buy LSEG stock from the Blackstone/Thomson Reuters consortium, the exchange said.

Thomson Reuters, which owns Reuters News, has a minority stake in LSEG after the Refinitiv deal.

Microsoft’s purchase is expected to close in the first quarter of 2023.