1 June 2016
London Stock Exchange Group PLC
Completion of Sale of Frank Russell Company's Asset Management Business
London Stock Exchange Group plc ("LSEG") announces today that it has completed the sale of Frank Russell Company's asset management business ("Russell Investments") to TA Associates and Reverence Capital Partners for total consideration of US$1,150 million (£793 million1). Following payment of tax on gains and including earnings from Russell Investments during LSEG's period of ownership, the expected net proceeds to be realised by LSEG will be approximately US$920 million (£634 million1), as previously indicated, of which US$150 million (£103 million1) is to be paid annually in four equal cash instalments, starting from 31 December 2017. LSEG has received cash proceeds at closing, net of payment of tax on gains, of approximately US$650 million (£448 million1).
1 Converted using spot exchange rate of 1.45 US$ to £ as of 31 May 2016
Further information is available from:
London Stock Exchange Group plc |
Gavin Sullivan / Lucie Holloway - Media Paul Froud - Investor Relations |
+44 (0) 20 7797 1222 +44 (0) 20 7797 3322 |
