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Thursday, November 12, 2009
Dow Jones to Sell Stake in Stoxx Ltd.
By Kathryn Glass
FOXBusiness
Dow Jones & Co., a division of News Corp., (NWS) announced Thursday that it plans to sell the one-third ownership stake in its Stoxx Ltd. unit, according to a statement.
The company will sell the unit for $309 million and expects the deal to close in the first half of 2010. Dow Jones could earn up to an additional $44 million depending upon future performance of the business.
Deutsche Boerse AG and SIX Group will own 50% of STOXX; Deutsche Boerse will have a one-share majority, the company said in a release.
"This is the result of a strategic evaluation of Dow Jones' index businesses and represents an opportunity to realize significant value on an investment made in STOXX just over a decade ago," said Les Hinton, chief executive of Dow Jones in a statement from the company.
News Corp. is the parent company of FOXBusiness.com. Shares of News Corp. fell 27 cents or 1.83% to close at $14.48 a share after Thursday’s session.
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