Merrill set to sell Bloomberg stake for $4.5bn

by mtippett | July 16, 2008 at 06:07 pm

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Some interesting news for those who follow the fate of Michael Bloomberg. It seems the meltdown in the financial sector has allowed him to buy back a big stake of his empire from Merrill Lynch.

Merrill Lynch is set to sell its 20 per cent stake in Bloomberg for about $4.5bn but will retain its far more valuable 49 per cent holding in money manager BlackRock.
The sale of the Bloomberg stake back to Michael Bloomberg, the owner of the news and data service, is aimed at offsetting part of the $6bn in credit-related writedown the troubled investment bank is expected to announce on Thursday.