Morgan Stanley priced its remaining stake of MSCI at $21.50 a share in a public offering, with the company looking to raise $595.6 million from the sale.
The sale of 27.7 million Class A shares of MSCI will complete the spinoff of the index and analytics provider from Morgan Stanley, which began in 2007.
“As we said then, 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,” John J. Mack, CEO of Morgan Stanley, said in a news release.
MSCI will not receive any of the proceeds from the sale.
