Barclays has concluded the sale of its asset management division, Barclays Global Investors (BGI), to BlackRock for $15.2 billion, Financial Times reports. The merged entity will operate under the BlackRock name and its ETF unit, iShares, will retain its brand.
Under the cash-and-stock deal, Barclays, which has acquired a 19.9 percent stake in BlackRock, will further receive about $1.66 billion on the sale owing to a 62 percent rise in the U.S. fund manager’s shares since the deal was struck. The funding included $6.6 billion in cash and the remaining in shares, funded by debt and $2.8 billion invested in equity.
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