Herbert Smith and Freshfields Bruckhaus Deringer have lined up to advise on the £450m sale of Financial Times publisher Pearson's 50% stake in FTSE International to the London Stock Exchange (LSE).

Herbert Smith is advising longstanding client Pearson on the sale, which gives the LSE full ownership of the FTSE indices.

The City firm's team is being led by corporate partner Gillian Fairfield, with IP counsel Laura Deacon also advising.

Freshfields is acting for the LSE, with corporate partner Philip Richards at the helm, alongside IP senior associate Giles Pratt.

Fairfield said: "M&A activity in the current market is facing a lot of challenges but corporates are still very much doing deals, particularly where the deal involves a rationalisation of their business and enables them to focus on their core areas.

"Activity then often drives further activity as companies use the funds realised or, on the other side, need to realise funds."

The transaction follows the sale of Pearson's 61% stake in financial market data provider Interactive Data Corporation in 2010 to investment funds managed by Silver Lake and Warburg Pincus. Herbert Smith advised the acquirers on the transaction alongside Gleiss Lutz, Willkie Farr & Gallagher and Simpson Thacher & Bartlett. Morgan Lewis & Bockius advised IDC, with Cleary Gottlieb Steen & Hamilton acting for the IDC board.

Herbert Smith also lined up to advise Pearson on its £113m takeover of Education Development International first announced in March this year.

FTSE manages more than 200,000 equity, bond and alternative asset indices and has 13 offices worldwide. In 2010 it reported total revenues of £98.5m.