LMAX taps Morgan Stanley to weigh $5B sale or Nasdaq listing

LMAX Group has enlisted Morgan Stanley and KBW to assess a sale or public listing that could value the institutional trading company at up to $5 billion. Summary LMAX has tapped Morgan Stanley and KBW to review strategic options worth up to $5 billion. A Nasdaq IPO is preferred, although a sale, SPAC merger or European listing remains possible. LMAX’s foreign exchange business allows the company to wait through weak crypto market conditions. Three people familiar with the private discussions said LMAX is working with Morgan Stanley and KBW, an investment bank owned by Stifel, as it reviews several strategic paths. According to one of the people, LMAX could pursue a direct sale, merge with a special purpose acquisition company, or launch an initial public offering in the United States or Europe. A Nasdaq IPO currently ranks as the company’s preferred option, the person added. No final decision has been made, and another person familiar with the process said LMAX is not under pressure to enter the public market while cryptocurrency prices remain weak. According to the source, revenue from the company’s established foreign exchange operations gives it room to wait for better market co...