BlackRock-Barclays deal is a go
BlackRock Inc. announced today it has received written notice from Barclays PLC of London that its board has accepted BlackRock’s offer to buy Barclays Global Investors, including its iShares exchange traded fund business, for $13.5 billion.
BlackRock Inc. announced today it has received written notice from Barclays PLC of London that its board has accepted BlackRock’s offer to buy Barclays Global Investors, including its iShares exchange traded fund business, for $13.5 billion.
Barclays’ board will recommend that shareholders approve the transaction at a special meeting in August.
The transaction is expected to close in the fourth quarter.
Barclays’ acceptance of New York-based BlackRock’s offer followed satisfaction of the provisions required under a “go-shop” arrangement with respect to a previous $4.4 billion offer for iShares from the private-equity firm CVC Capital Partners Ltd. of Luxembourg.
That arrangement, which expired today, allowed Barclays to consider other superior proposals.
The iShares unit is based in San Francisco.
Learn more about reprints and licensing for this article.