LMAX management team buys majority stake from Betfair

David Mercer at LMAX Exchange
David Mercer, LMAX Exchange

The management team of London-based foreign exchange and metals multilateral trading facility (MTF) LMAX Exchange has agreed to buy a majority stake in the venture from its parent Betfair, the online sports betting company.

The management buyout, which was announced yesterday but is still subject to regulatory approval, will leave Betfair retaining a 33% stake in the company while the management team, led by chief executive David Mercer, will own a majority stake. The buyout coincides with a dec