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ASX to sell entire stake in IRESS

ASX Ltd. is selling its 18.6% stake in IRESS Ltd. for expected gross proceeds of A$385 million, or A$11.95 per share.

The exchange operator expects to book a post-tax gain of A$161 million from the sale, according to a Feb. 25 release.

As of Dec. 31, 2018, ASX's investment in IRESS was valued at A$357.9 million, or A$11.12 per share. It made the investment in IRESS in 2000.

UBS AG's Australian branch will act as sole lead manager, underwriter and book runner for the transaction.