CMC Markets sells 10 pct stake to Goldman Sachs

LONDON, Nov. 22, 2007 (Thomson Financial delivered by Newstex) -- CMC Markets, the unlisted UK securities dealing and spread-betting firm, said it has sold a 10 stake in the company to investment bank Goldman Sachs (NYSE:GS) for an undisclosed sum.

 

CMC Markets, the UK's biggest provider of Contracts For Difference (CFDs) to private investors, said the stake sale would seal a partnership under which Goldman will provide 'operational cooperation' to the group as it follows its expansion plans.

 

The CMC stake gives Goldman a presence in the fast-growing retail CFD market. Goldman said it looked forward to capturing 'significant opportunities in the global retail derivatives market' through the deal.

 

In May last year, CMC cancelled its London stock market debut after worries over a sharp fall in the value of the dollar triggered a slump in share prices.

 

After the Goldman sale, CMC founder and executive chairman Peter Cruddas will remain the group's biggest shareholder with a stake of about 86 pct.

Source:CMC Markets sells 10 pct stake to Goldman Sachs

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