Barclays Will Net $5.5B From Discounted BlackRock Sale

Law360, New York (May 23, 2012, 3:07 PM EDT) -- Barclays PLC will reap $5.5 billion from the sale of its nearly 20 percent interest in American investment manager BlackRock Inc., a stake the British bank previously valued at $6.1 billion, according to an announcement late Tuesday.

Barclays agreed to sell 26.2 million shares of the New York-based asset manager through a secondary offering at a price of $160 apiece, a 2 percent discount from BlackRock's Tuesday close of $163.37, according to parallel statements the parties issued Tuesday night.

BlackRock stock, which has been slipping since...
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