The London Stock Exchange Group (LSE) is reportedly nearing deal with Northwestern Mutual to buy its asset management subsidiary, Russell Investments, for $2.8 billion.
The two group which started negotiations last month, have reached a tentative agreement on the price and structure of the deal and are planning to announce the agreement later this month, The Financial Times reported quoting people familiar with the development.
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However, exact terms over the mix of debt and equity used to fund the deal have not been decided and the talks are continuing, another source told the publication.
In early May 2014, LSE confirmed that it is keen to take up the asset manager, to expand its indices portfolio leveraging Russell’s indexing business.
The exchange already owns FTSE International financial indices, after it bought the 50% stake, it did not own from Pearson in 2011 for £450 million.
Northwestern Mutual had commenced the sale process in January 2014 and appointed Goldman Sachs as the adviser.
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