Euronext to sell 11.1% stake in LCH SA to LCH Group
PARIS (Reuters) -European stock market operator Euronext said on Monday it had agreed to sell its 11.1% stake in the European operations of clearing company LCH SA to LCH Group Holdings, for 111 million euros ($121.1 million).
The Amsterdam and Paris-based platform said in a statement that the transaction will lead to a 40 million euro tax-exempt non-underlying capital gain in the company’s third-quarter results.
Euronext entered LCH SA’s capital in 2017, exchanging a 2.3% stake in LCH Group for an 11.1% share in LCH SA.
“The price has been defined by an independent expert, in accordance with the pre-agreed terms for the buy back”, Euronext added.
($1 = 0.9168 euros)
(Reporting by Sudip Kar-Gupta and Victor Goury-Laffont; Editing by Kim Coghill and Louise Heavens)