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Barclays officially accepts Blackrock offer for BGI

BlackRock has received written notice that the Barclays board has accepted its offer to acquire Barclays Global Investors.

The transaction is expected to close in the fourth quarter following approval by Barclays’ shareholders, the receipt of client consents and regulatory approvals, and satisfaction of customary closing conditions.

Money Marketing revealed last week that Blackrock had agreed to purchase BGI for £4bn in cash and a 19.9 per cent stake in the new business.

The deal includes the purchase of Barclays ETF business iShares and would see the combined business increase its assets under management to £1.6trn.

In addition to the cash, Barclays will receive 37.784m shares in the new company worth £4.2bn, valuing the deal at £8.2bn.

The new company will be called Blackrock Global Investors and will employ 9,000 people in 24 different countries.

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