Merrill Lynch sells its 20% Bloomberg stake for $4.5bn

July 18, 2008 9:18 pm

The investment bank Merrill Lynch has agreed to sell its 20% stake in Bloomberg for $4.5bn (£2.25bn), in a deal which provided a glimpse of the fortune amassed by the news service’s founder turned politician, Michael Bloomberg.

Merrill is offloading its interest in Bloomberg to raise money to support its balance sheet, after huge losses on securities backed by sub-prime mortgages.

The news and data company is buying back the shares itself in a transaction which assumes a valuation for the entire Bloomberg empire of $22.5bn. This would make Michael Bloomberg’s personal stake of 68% worth $15bn.

read the rest published by Guardian here:

http://www.guardian.co.uk/business/2008/jul/18/merrilllynch.jpmorgan

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Merrill Lynch sells its 20% Bloomberg stake for $4.5bn

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