London Stock Exchange Plc (LSE.L) on Tuesday said it has entered into an agreement to sell its 49 percent stake in Tokyo AIM, Inc. to Tokyo Stock Exchange Group, Inc. for a cash consideration of 1.3 million pounds plus a royalty payment of 200 thousand pounds.
Tokyo AIM, a new equity market for growing companies, is a joint venture between the Tokyo Stock Exchange and the LSE.
The company expects to close the transaction on March 28, subject to customary conditions.
In a statement, Tokyo Stock Exchange noted that effective March 28th, Tokyo AIM will become its 100% subsidiary and that there will be no change to Tokyo AIM's market operations. Tokyo Stock Exchange plans to integrate Tokyo AIM effective July 1 and re-brand its market as 'TOKYO PRO Market'.
LSE shares are currently trading at 1,026 pence, up 3 pence or 0.29 percent.
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