Borse Dubai is going to sell its whole stake in the London Stock Exchange
Shares in the London Stock Exchange were getting hammered this morning after Borse Dubai said it was selling its entire stake.
The company's shares were down 10.3 per cent to 2,276 pence in early morning trade today.
Borse’s 17.4 per cent stake will be sold through an accelerated book-building process, a source close to the company has told Reuters.
Barclay’s, Bank of America Merrill Lynch, and Nomura are jointly organising the sale, which is belived to be worth £1.5bn, according to the Rueter’s source. That price is based on the London Stock Exchange’s closing price of 2,538 pence. Borse sold 3.1 per cent of its then stake back in September 2014, a total of 8.5m shares amounting to £172m pounds.
The company first gained a stake in the LSE back in 2007, when it bought a 28 per cent.
