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Goldman sells majority stake in electronic trading software business
July 17, 2013 / 1:32 PM / 4 years ago

Goldman sells majority stake in electronic trading software business

A view of the Goldman Sachs stall on the floor of the New York Stock Exchange July 16, 2013. REUTERS/Brendan McDermid

(Reuters) - Goldman Sachs Group Inc (GS.N) said it would sell a majority stake in its electronic trading software business, REDI, to a consortium of investors.

Goldman will retain a significant minority stake in the business, which provides a platform to route orders for equities, futures and options.

The investor group buying the stake includes BofA Merrill Lynch, Barclays, BNP Paribas, Citadel and Lightyear Capital, Goldman said on Wednesday.

Goldman did not disclose the deal value.

Rishi Nangalia, who managed Goldman’s electronic trading business development group, has been appointed as REDI’s chief executive.

Reporting by Tanya Agrawal in Bangalore; Editing by Saumyadeb Chakrabarty

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