Merrill Stake Sale Values Bloomberg LP At $25 Billion, Mayor Mike At $17 Billion

Merrill Lynch (MER) has reached a deal to sell its 20% stake in Bloomberg LP for $4.5 to $5 billion, the WSJ reports. The buyer: Bloomberg LP, which had right of first refusal. But the headline here is the eyepopping valuation the deal puts on Bloomberg LP: about $25 billion.

This also means New York Mayor Michael Bloomberg, who founded and still owns 68% of the company, is worth around $17 billion. Forbes had most recently guesstimated his honour’s net worth at $11.5 billion.

Merrill needs the cash to help cover some of the $29 billion in bad mortgage debt accumulated after the housing bubble burst.

See Also: CNBC: Merrill Lynch In Talks To Sell Bloomberg Stake
Merrill Takes Another $9 Billion In Gambling Losses, Firing 4,000 People Not Responsible

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