Battery Plugs Into London Exchange

Boston-based Battery Ventures and its syndicated partner, The Blackstone Group, announced last week a $91 million commitment to the London Financial Futures and Options Exchange. The two will not only provide capital, but also will provide strategic consulting and technology management to support an electronic, software-based trading platform in 1998.

Existing LIFFE shareholders may take up to $30.5 million of the new financing while Battery and Blackstone have guaranteed a minimum investment of $60.8 million on the deal, to acquire a 25% to 38.5% stake in the exchange. Battery will have the option to acquire more shares in the future, bringing Battery and Blackstone’s combined holdings up to 40%.

LIFFE is the world’s second-largest derivatives exchange, processing up to 2,000 trades per second.