The London Stock Exchange's owner is looking to offload its stake in Belgium-based financial services company Euroclear, in a deal that could generate proceeds of about 500 million pounds ($669.50 million), Sky News reported on Tuesday.

LSEG has hired J.P. Morgan to sell off its 4.9% interest in Euroclear, according to the report.

The British exchange operator bought a minority stake in Euroclear in 2019 for 278.5 million euros ($310.75 million) to strengthen its influence over core market infrastructure.

J.P. Morgan and a spokesperson for LSEG declined to comment. ($1 = 0.7468 pounds) ($1 = 0.8962 euros) (Reporting by Raechel Thankam Job, Tommy Wilkes in London; Editing by Shilpi Majumdar and Alan Barona)