The London Stock Exchange said Tuesday it has agreed to offload the French arm of clearing house LCH to European rival Euronext as it seeks a merger with Deutsche Boerse.

LSE said a cash deal worth 510 million euros ($534 million) had been struck with Euronext, adding in a statement that the proposed sale "would be subject to review and approval by the European Commission in connection with the recommended merger of LSEG and Deutsche Boerse".