J.C. Flowers & Co, an American private equity investment firm, has signed an agreement with LMAX Group to buy a 30% stake in the company for $300 million. The investment puts the valuation of LMAX Group at $1 billion, an announcement says.
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"This is a significant milestone in the evolution of LMAX Group that vindicates our industry-leading business model and the role we have to play in the foreign exchange and crypto currency markets of the future," said David Mercer, LMAX Group CEO.
However, the deal is yet subject to regulatory approval, LMAX noted. The company also added that David Mercer will remain on his position at LMAX Group having retained a "substantial stake" alongside his management team and J.C. Flowers.
Meanwhile, BlackRock CEO, Larry Fink, says the world's largest asset manager does not see any interest in cryptocurrencies from its institutional clients. According to Fink, the firm's clients are more worried on issues around climate change and inflation than cryptocurrencies.
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