London Stock Exchange Group Plc agreed to buy Frank Russell Co., a unit of Northwestern Mutual Life Insurance Co., for $2.7 billion to bolster its FTSE International Ltd. business.

LSE will pay for the acquisition with a rights issue of $1.6 billion and finance the rest with new and existing debt, according to a statement. The exchange said the takeover will boost earnings in the first full year. The shares jumped 6.3 percent, the most since July 2013, to 1,987 pence at 12:23 p.m. in London.

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