BlackRock Buys Barclays Unit for $13.5 Billion

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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.

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