Reuters selling stake in Instinet

News and financial data group Reuters last night said it was selling its stake in electronic financial brokerage Instinet.

The London-based group said it was disposing of its 62% interest in the business to US stock market Nasdaq for about $1bn (€760,000).

Reuters said it expected to return an amount equivalent to the net proceeds of the sale to its shareholders.

It said the sale of the group would be another significant step in its recovery drive.