DUBAI--Borse Dubai Thursday said it has sold its entire stake of
nearly 17.4% in the London Stock Exchange Group, a day after
launching the share sale that ends an almost decade-old
relationship.
In a brief statement, Borse Dubai said it has sold its entire
remaining share holding in the LSE Group through a block sale
managed by BofA Merrill Lynch, Barclays Bank and Nomura
International.
It didn't say who bought the stake or how much it was paid for
it, but the deal was potentially worth about $2.2 billion based on
Wednesday's closing price for LSE shares.
Borse Dubai, a holding company owned by the emirate's wealth
fund, had purchased a 28% LSE stake for 14.14 pounds ($21) per
share in 2007 as part of a complex, wider deal with U.S. bourse
operator Nasdaq.
It wasn't immediately clear why Borse Dubai sold its remaining
LSE shares, after starting to reduce its stake in the past year.
Borse Dubai officials weren't immediately available for
comment.
The company's portfolio of assets includes stakes in Dubai's two
stock exchanges and a 17% stake in Nasdaq, according to its
website.
LSE, one of the world's largest exchange operators, loses one of
its main shareholders of the past decade. It declined to comment
Wednesday on Borse
Dubai's plan to sell its LSE stake.
Write to Nikhil Lohade at nikhil.lohade@wsj.com
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