This calculator shows the returns Blackstone’s consortium and Thomson Reuters will make if Refinitiv, the financial data company they own, carries out the agreed merger with the London Stock Exchange.

The main input is the LSE's share price, which decides the value of the 37% stake in the new company offered to Refinitiv's backers.

Thomson Reuters took a 45% stake in Refinitiv when it was created in 2018, while Blackstone and co-investors including Singapore’s GIC and the Canada Pension Plan Investment Board took the remaining 55%.

Those stakes are adjusted in an LSE deal to reflect warrants and preferred shares included in the original Refinitiv buyout.

Thomson Reuters is the parent of Breakingviews. For more interactive calculators and agenda-setting comment visit: BREAKINGVIEWS