BlackRock Buys Barclays Unit for $13.5 Billion
BlackRock agreed to buy Barclays investment unit for $13.5B to become the world’s largest money manager reports CNBC's David Faber. The purchase creates a company overseeing $2.7 trillion in assets, more than the Federal Reserve.
BlackRock will pay $6.6 billion in cash and the rest in stock for Barclays Global Investors. Barclays will hold a 19.9 percent stake in the combined company.
