This content is from: Portfolio

BlackRock Closes $15.2 Billion BGI Deal

Barclays concludes sale of its asset management division, Barclays Global Investors (BGI), to BlackRock.

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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