By Colin Kellaher

 

Intercontinental Exchange Inc. on Monday said it agreed to sell its 9.85% stake in Euroclear Holding SA/NV to private-equity firm Silver Lake for 709 million euros ($822 million).

Brussels-based Euroclear provides post-trade security settlement, custody, collateral management, fund management and data services.

Intercontinental Exchange, the Atlanta-based owner of the New York Stock Exchange, acquired a 4.7% stake in Euroclear in late 2017 from Royal Bank of Scotland for EUR275 million and raised its stake to nearly 10% in early 2018.

Technology investment firm Silver Lake said it plans to request a seat on the board of Euroclear, which is majority-owned by a consortium of its users, mainly banks.

Intercontinental Exchange said it expects to complete the transaction as soon as the first half of 2022.

 

Write to Colin Kellaher at colin.kellaher@wsj.com

 

(END) Dow Jones Newswires

October 18, 2021 07:56 ET (11:56 GMT)

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