On October 8, 2015, London Stock Exchange Group plc announced that it approved the proposed sale of Frank Russell Company’s asset management business, Russell Investments, to TA Associates.
The gross proceeds earned from the transaction by the London Stock Exchange Group plc (“LSEG”) will equal $1.15 billion, with $1 billion payable in cash upon completion, and the remaining $150 million paid in four equal cash installments starting on December 31, 2017. After payment of tax related costs, transaction expenses and the settlement of certain liabilities, LSEG will receive approximately $920 million in net proceeds from the sale.
Len Brennan, President and CEO, will continue to lead Russell Investments, and will remain a member of its Board of Directors. He will step down from the Executive Committee of LSEG upon completion of the transaction.
The transaction is expected to close in the first quarter of 2016.
To read the press release: please click here.