Morgan Stanley announced today it plans to sell its remaining 27.7 million shares in indexing and analytics company MSCI Inc.
The company is expected to raise $595.7 million from the sale of the remaining class A common stock shares at with a par value of 0.01 for $21.50 each.
We are pleased to complete the separation of MSCI from Morgan Stanley, which we began in 2007,” said John J. Mack, Chairman and CEO of Morgan Stanley.
“We believe this transaction will unlock value for Morgan Stanley's shareholders as well as release capital to redeploy into our core activities including institutional securities, asset management and global wealth management”, he added.
Morgan Stanley earlier this month sold $7.5 billion in stock and notes as part of capital-raising efforts intended to pay back the $10 billion in capital received from the Treasury Department last month and fill the $1.8 billion capital hole Morgan Stanley was said to have following the government's recent stress tests.
MSCI produces indexes that track stocks, and is best known for its MSCI international stock indexes.