Barclays sells iShares for $4.4bn

Barclays today announced the sale of its iShares ETF business for $4.4bn to private equity firm CVC Capital Partners. Barclays said it will realise a net gain on the sale of $2.2bn. The bank will provide $3.1bn in debt to help finance the deal, according to a Barclays statement. Officials at Barclays expect the deal to close in the third quarter of 2009 after regulatory approval is received in the US, UK, Germany and Ireland. Barclays group chief executive John Varley says: "This transaction realises significant value for Barclays. iShares has experienced rapid growth over the past se...