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Barclays to sell stake in BlackRock

Barclays says it intends to sell its entire holding in BlackRock, by way of a registered offering and a related buyback by the US asset management firm.

BlackRock has agreed to repurchase up to $1 billion of its stock from Barclays, conditional on completion of the offering.

The market value of Barclays’ investment in BlackRock, based on the closing price of BlackRock common stock on 18th May of $171.91, and assuming conversion of preferred stock, was $6.1 billion (£3.8 billion).

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