However, Mr Rolet warned of possible pitfalls. “If they pull it off, [I take] my hat off to the management team and David. It would be a masterstroke,” said Mr Rolet.
“But equally, it could go the other way, because Thomson has a specific reputation.”
Chunks of the business were high-end and required a lot of manual support, making it difficult to cut costs, he added.
“It’s certainly been a fantastic deal for Blackstone,” Mr Rolet said. The firm bought 55pc of Refinitiv from Thomson Reuters in 2018, less than a year before selling up to LSE. The 2018 transaction was reported to value the business at around $20bn.
Some Refinitiv divisions, such as foreign exchange, are no longer growing, said Mr Rolet, who was appointed last week as chairman of the capital markets division of Shore Capital, a City broker.
Refinitiv’s Eikon terminals business is based on an “obsolete model” and may need to be sold or run as part of a joint venture, he said.
The terminals – specialised computers used by City traders to access up-to-the-second information about financial markets – are the main competitor to those sold by Bloomberg, the media and data company owned by Michael Bloomberg, the billionaire former mayor of New York.
“The Eikon business was never considered as a success, in fact, considerably worse by the industry,” said Mr Rolet. “And that’s something they will probably have to get rid of.”
The deal is currently awaiting competition law clearance from the European Commission after the exchange formally requested approval last week.
The commission is due to clear the deal, impose conditions or launch an in-depth review by June 22.