Get 40% Off
💰 Buffett reveals a $6.7B stake in Chubb. Copy the full portfolio for FREE with InvestingPro’s Stock Ideas toolCopy Portfolio

Australia's ASX to sell IRESS stake for $275 mln

Published 25/02/2019, 05:20 pm
© Reuters.  Australia's ASX to sell IRESS stake for $275 mln
ASX
-
IRE
-

Feb 25 (Reuters) - Australian bourse operator ASX Ltd ASX.AX said on Monday it had entered an underwriting agreement to sell its nearly 19 percent stake in wealth manager IRESS Ltd IRE.AX for gross proceeds of A$385 million ($275.24 million).

The bourse operator said in a statement that the sale had been fully underwritten at a fixed price of A$11.95 per share, and that the transaction would generate a post-tax gain of about A$161 million, which would be recognized directly in equity.

The company said UBS' Australian branch would act as the sole lead manager, underwriter and bookrunner of the sale.

($1 = 1.3988 Australian dollars)

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.