BlackRock has agreed to buy Barclays Global Investors (BGI), including its exchange traded fund platform iShares, in a cash and shares deal worth $13.5bn (£8.15bn).
The deal will see Barclays take a 19.9% stake in the combined firm, which will be renamed BlackRock Global Investors. The combined firm will have assets under management in excess of $2.7trn and a combined workforce of 9,000 employees. Under the terms of the deal, BlackRock will buy BGI in exchange for 37.8 million shares and $6.6bn of cash. The firm says the ability to offer BlackRock's global mutual funds alongside iShares would improve its ability to tailor portfolios for retail investors. BlackRock chairman and chief executive Laurence Fink says the deal would allow the firm to ...
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