Borse Dubai has sold its shareholding in London Stock Exchange Group, representing approximately 17.4% of the share capital of the company.

The sale transaction by Borse Dubai was through a block sale managed by BofA Merrill Lynch, Barclays Bank and Nomura International.

The company did not disclose the price at which the shares were sold. It had sold a 3.1% stake in LSE in September 2014.

Borse Dubai (profile) is the holding company for Dubai Financial Market and NASDAQ Dubai. It was created in August 2007 to consolidate the Government of Dubai’s two stock exchanges and other investments, and to expand Dubai’s position as a global capital market hub.

The company is majority owned by Investment Corporation of Dubai and is lead by Essa Abdulfattah Kazim (pictured), who is also the Governor of Dubai International Financial Centre (DIFC), Chairman of Dubai Financial Market (DFM), Deputy Chairman of Supreme Legislation Committee in Dubai and a member in Dubai Supreme Fiscal Committee.