News and information group Reuters will rake in EUR88m from the sale of its 34.2% stake in French trading technology vendor GL Trade.
Reuters announced last week that it was selling off its shares in GL Trade to pay down debt.
The proceeds include funds from an underwritten placement of 1,674,109 shares - 16.2% of GL Trade's current share capital - at EUR27 per share. Reuters' remaining shares are being sold off to Euronext and GL Trade shareholders for EUR26 per share.
The transactions will result in an approximate net profit of EUR70 million for Reuters.