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Article: Merrill Lynch Sells One-Third of Its Minority Interest in Bloomberg L.P.
- Article from:
- PR Newswire
- Article date:
- December 16, 1996
CopyrightCOPYRIGHT 1996 PR Newswire Association LLC. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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NEW YORK, Dec. 16 /PRNewswire/ -- Merrill Lynch & Co., Inc. (NYSE: MER) today announced that it has sold one-third of its 30% minority interest in Bloomberg L.P. to Bloomberg, Inc. In connection with the transaction, Merrill Lynch recorded a pre-tax gain of approximately $155 million.
The relationship between Merrill Lynch and Bloomberg began in l981. Merrill Lynch made an initial investment in Bloomberg in 1985, which it subsequently increased, and by 1990 it held 30% of the company. This transaction reduces Merrill Lynch's stake in the partnership to 20%.
"Merrill Lynch's involvement with Bloomberg began as a strategic investment to provide ...