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Reuters
Reuters
Business

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

A board displaying stock prices is adorned with the Australian Securities Exchange (ASX) logo in central Sydney, Australia, February 13, 2018. Picture taken February 13, 2018. REUTERS/David Gray

(Reuters) - Australian bourse operator ASX Ltd said on Monday it had entered an underwriting agreement to sell its nearly 19 percent stake in wealth manager IRESS Ltd 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 recognised directly in equity.

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

(Reporting by Ambar Warrick in Bengaluru; Editing by Kim Coghill)

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