Goldman Sachs sells off entire Betfair LMAX stake
Missed this the first time around but thought it was of interest.
INVESTMENT bank Goldman Sachs has sold out its investment in LMAX, the online trading platform owned by Betfair. The bank’s exit comes as the platform struggles to live up to its earlier expectations. Its chief executive left last year as trading volumes failed to live up to hopes. Betfair said that its decision to invest a further £10m in LMAX diluted Goldman’s 12.5 per cent shareholding to less than five per cent, meaning it no longer qualified for a seat on the board.
Former equity trader Phil Hylander, Goldman’s representative, who has himself retired from the bank, subsequently stepped down from the LMAX board and Betfair bought out the bank’s residual holding.
Full story here: –
https://www.cityam.com/latest-news/goldman-sells-its-entire-lmax-stake
Category: Betfair, Industry news
