Yesterday, Barclays PLC finalized a deal to sell its Barclays Global Investors (BGI) Unit to BlackRock Inc. for US$13.5B. The deal created the world’s largest asset manager, to be known as BlackRock Global Investors.
BlackRock will pay US$6.6B cash and the rest in stock. It will also acquire BARC’s ishares business in order to increase its total assets. A net gain of US$8.8B will strengthen BARC’s balance sheet. Despite rising 2.37% at the close of trading on Thursday, BlackRock shares fell 3.31% to US$176.56 at yesterday’s close.
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