Expressions are obtained for the expected levels of linkage disequilibrium under three different equilibrium neutral models that make different assumptions about how recombination takes place. A transformation model is considered in which exchange events involve only one locus at a time. Two conjugation models are considered one with a linear genome and one with a circular genome. In the conjugation models large blocks of genes can be transferred with each conjugation. Consistent with published simulation results, it is found that if the transformation rate per locus is more than twenty times the mutation rate per locus, then the levels of linkage disequilibrium are quite low. If the number of loci being sampled is greater than 10, conjugation with a circular genome can be considerably more effective than transformation in reducing linkage disequilibrium. When recombination rates are high, expected linkage disequilibrium is shown to be proportional to the inverse of the transformation rate (or conjugation rate.)