Completion of Sale of Russell Investments

RNS Number : 9380Z

London Stock Exchange Group PLC

01 June 2016

 

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

[phone] [phone]

 

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