The deal would create the largest exchange in Europe, with a market cap close to $30 billion (close to the market cap of Intercontinental Exchange, the owner of the NYSE).
One small surprise: no cash. It's an all-stock deal. LSE shareholders would own 45.6 percent of the combined group while Deutsche Boerse shareholders would own 54.4 percent.
Simply put, politics and regulation are what's really important here, because both of these — if not handled carefully — could derail a deal, no matter who gets the LSE.