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LONDONBrit Insurance Holdings P.L.C. has sold its majority stake in electronic trading platform, RI3K Ltd., to a consortium of investors led by IPGL Ltd., a private holding company of which Michael Spencer, group chief executive of ICAP P.L.C. is the major shareholder.
IPGL joined forces with investment fund Eton Park L.L.P., Numis Corporation P.L.C. and Climate Exchange P.L.C. Chief Executive Officer Neil Eckert to acquire the stake in RI3K for £8.3 million.
London-based Brit, which has backed RI3K since it was formed in May 2000, has reduced its shareholding from 86% to 19.9%.Dane Douetil, Brit chief executive officer, said, "the sale of our majority stake in RI3K achieves our objective of focusing our business on its core activities. Furthermore, this transaction represents a significant step in the development of RI3K. Our continuing interest in the company is testament to our belief in its successful future."IPGL's Mr. Spencer said: "It is very exciting that this investment will help take RI3K on to the next stage of its development. The insurance market is primed and ready for paperless trading and we can help RI3K add real value to the global insurance marketplace."