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From: TFF	2/28/2005 3:53:17 PM
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Reuters poised for $1.3bn from Instinet split and sale By Guy Dennis (Filed: 27/02/2005) Instinet, the US-based electronic brokerage and trading business that is majority-owned by Reuters, is to be broken up in order to facilitate a $2bn (£1.04bn) sale. It comprises a brokerage business and a trading platform arm. The latter is seen as the more valuable. Bankers had claimed that the sale of the group in its current form would deliver more value for Reuters, which has a 62 per cent stake, as well as for other shareholders. However, the two divisions are expected to be sold separately. "Getting full value for both parts of the business has proved difficult," said one executive close to the process. Potential bidders include Archipelago Holdings, the owner of a rival US electronic stock market, as well as the Chicago Stock Exchange and Nasdaq. Reuters, which could pocket about $1.3bn (£677m) from its stake, is also expected to sell its Radianz telecoms business to BT and is also likely to dispose of its stake in Tibco, a US software company. There has been speculation that Reuters will use the proceeds from the disposals to buy back up to a quarter of its shares or to make acquisitions.

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