Quantcast
The MFWire
Manage Email Alerts | Sponsorships | About MFWire | Who We Are

Subscribe to MFWire.com's News Alerts [click]

Rating:Beating a Field of Six, the LSE Buys Russell for $2.7B Not Rated 0.0 Email Routing List Email & Route  Print Print
Thursday, June 26, 2014

Beating a Field of Six, the LSE Buys Russell for $2.7B

News summary by MFWire's editors

It's official. The London Stock Exchange has beaten out six other contenders to buy American asset manager, investing consultant and indexing giant Russell Investments for $2.7 billion.

In a statement, the LSE said that the deal will be financed in part by a $1.6 billion rights issue, with the rest of the financing coming from existing and new debt.

The deal is subject to board approval in September. Russellís president and chief executive officer, Len Brennan, will join the Executive Committee of LSEG at the completion of the deal.

According to the Wall Street Journal, the deal, which is the exchange operator's biggest, puts sone $9 trillion of assets benchmarked globally and make it the second biggest player in U.S.-listed exchange traded funds.

As for the asset management arm, the "LSEG will undertake a comprehensive review of Russellís investment management business to determine its positioning and fit with the Group," according to the statement.

The news caught the attention of numerous news outlets, including the New York Times; Reuters; Bloomberg and MarketWatch.

The LSE entered the race in May, going six other bidders: CVC Capital Partners, Silver Lake, Warburg Pincus, TPG Capital, CIBC and MSCI.

The exchange operator has made a name for itself as an aggressive acquirer, using creative share trades to make deals

Edited by: Tommy Fernandez


Stay ahead of the news ... Sign up for our email alerts now
CLICK HERE

0.0
 Do You Recommend This Story?



GO TO: MFWire
Return to Top
 News Archives
2018: Q4Q3Q2Q1
2017: Q4Q3Q2Q1
2016: Q4Q3Q2Q1
2015: Q4Q3Q2Q1
2014: Q4Q3Q2Q1
2013: Q4Q3Q2Q1
2012: Q4Q3Q2Q1
2011: Q4Q3Q2Q1
2010: Q4Q3Q2Q1
2009: Q4Q3Q2Q1
2008: Q4Q3Q2Q1
2007: Q4Q3Q2Q1
2006: Q4Q3Q2Q1
2005: Q4Q3Q2Q1
2004: Q4Q3Q2Q1
2003: Q4Q3Q2Q1
2002: Q4Q3Q2Q1
 Subscribe via RSS:
Raw XML
Add to My Yahoo!
follow us in feedly




©All rights reserved to InvestmentWires, Inc. 1997-2018
14 Wall Street | 20th Floor | New York, NY 10005 | P: 212-331-8968 | F: 212-331-8998
Privacy Policy :: Terms of Use