Barclays to sell back 20% ownership in Blackrock
Conditional on the latest deal’s completion, Blackrock may repurchase £631.8m of its stock from the banking giant.
Barclays has proposed to selling off the 19.6 per cent ownership interest held in Blackrock.
According to an announcement on the London Stock Exchange, the market market value of Barclays’ investment in Blackrock based on the price of Blackrock common stock on 18 May, was £3.8bn.
This is an increase from September 2011 when Barclays’ investment in Blackrock was written down to a fair value of £3.4bn.
In addition, Blackrock has agreed to repurchase up to £631.8m of its stock from Barclays, conditional on the latest deal’s completion.