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London Stock Exchange announces £750m share buyback drive

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 London Stock Exchange announces 750m share buyback drive
London Stock Exchange announces £750m share buyback drive

1 London Stock Exchange Group Plc on Friday,  announced a share repurchase programme with a total value of up to 750 million euros (912 million dollars) to reduce the company’s share capital.

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2 The move was intended for voting ordinary shares of 6.79-6.86 pence each, the company said in a statement.

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3 The drive was expected to be completed over a period of up to one year in multiple tranches, with the launch of the first tranche on Friday.

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4 For the first tranche, expected to be completed by Dec. 5, LSE had instructed Goldman Sachs to purchase the shares with a value of up to 250 million euros.

5 The company intended to enter into similar arrangements with Morgan Stanley and Citigroup with respect to the upcoming tranches of the buy-back.

6 The repurchase was being funded mainly by the proceeds of the divestment of the BETA business.

7 (

8 NewsSourceCredit: NAN

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