GLOBAL - Barclays Group will be selling iShares, the ETF providers, to BlackRock as agreed last week, after giving the earlier bidder CVC Capital Partners one more chance to better the offer.
A statement from BlackRock said it has received written confirmation that the Barclays' Board of Directors have accepted the offer to buy both Barclays Global Investors and iShares as agreed last week, as CVC was unable to better the terms under its five-day "go shop" agreement. (See earlier IPE article: BGI purchase makes BlackRock No1)
The transaction to create the world's large asset manager in funds under management is now expected to complete within the fourth quarter of this year, though it is still subject to shareholder and regulatory approval.
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