UPDATE 1-LSEG to buy back $624 mln of shares from Refinitiv-linked investors

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May 1 (Reuters) - London Stock Exchange Group said on Wednesday it has agreed to purchase shares worth 500 million pounds ($624 million) from a consortium of investors that sold data and analytics firm Refinitiv to the bourse operator.

The purchase is in line with LSEG's plans to buy back shares as it completes the integration of Refinitiv, which it bought in 2021 from investors including Blackstone, Thomson Reuters , Canada's CPPIB and Singapore's GIC.

LSEG said on Wednesday it bought the shares off the market for about 87.7 pounds per share, and that the deal completes buybacks worth 1 billion pounds it had indicated it would execute during the year.

LSEG shares closed the day at 88.4 pounds per share.

The company last month said that 500 million pounds in a directed buyback was completed in its first quarter, and shareholders had approved a further buyback of up to a billion pounds in total in 2024.

Thomson Reuters, owner of Reuters News, holds a minority stake in LSEG, which pays Reuters for news. ($1 = 0.8015 pounds) (Reporting by Pushkala Aripaka in Bengaluru; Editing by Shailesh Kuber and Shounak Dasgupta)