Barclays has today officially accepted BlackRock’s offer for its Barclays Global Investors (BGI) division.
The bank’s board of directors has recommended that shareholders approve the sale, which will go to the vote in a special meeting in early August.
Subject to approval, the transaction should be completed by the fourth quarter of this year, BlackRock says.
The $13.5 billion (£8.2 billion) deal will see BlackRock take on the whole of BGI, including iShares, its exchange traded fund (ETF) platform.
The merger of the two groups will create a firm with over $2.7 trillion in assets under management, which will operate as BlackRock Global Investors.
As part of the agreement, Barclays will receive more than 37m BlackRock shares, almost 20% of the enlarged business, and $6.6 billion in cash.