Dow Jones Sells Stake In Stoxx For $309 Million
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Dow Jones has unloaded its stake in European index provider Stoxx—in what is likely the first of several divestitures for the company under owner News Corp (NYSE: NWS). Dow Jones is selling its one-third interest in Stoxx, which operates the Dow Jones Stoxx Indices, to partners Deutsche Boerse and SIX Swiss Exchange for $309 million, in addition to $44 million depending on its “future business performance.”
Dow Jones is trying to sell its entire indexing business, which includes the Dow Jones Industrial Average, and, in a statement, Dow Jones CEO Les Hinton hints at that larger effort, saying the sale of Stoxx is a “result of a strategic evaluation of Dow Jones’ index businesses.” The WSJ reported in August that the business could be valued at upwards of $700 million.
SEE ALSO: Dow Jones Puts Its Storied Indexing Unit For Sale; Other Units For Sale Too?
In September, Dow Jones also sold news syndicator Screaming Media to content management firm YellowBrix.
Posted In: Money, M&A & Venture Capital, Mergers & Acquisitions, Companies, News Corp., Dow Jones
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