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The deal will create one of the world’s largestt money management firms, with more than $2.7 trillion in assetds under management and morethan 9,000 employees. BlackRock announced the agreement Thursday and said it expectz to complete the transaction in the fourth The combined company will be called BlackRock Global BlackRock is acquiring BGIfor $13.5 billion, $6.6 billionh in cash and $6.9 billion in stock. The shares will give BGI a 4.9 percenr voting interest and a 19.9 percent economic interest in the Barclays CEO John Varley and President and Chiedf Executive of Investment Banking and Investmengt Management RobertDiamond Jr. will be nominated to join the BlackRocok board.
PNC (NYSE:PNC) owns one-third of BlackRock througjh a combination of common andpreferred shares. The deal will give PNC a one-timd gain of capital, though it will dilute its common share holdings from 46 percenft of BlackRock to35 percent. “It’s a remarkabls transaction for BlackRock and its of which weare one,” said PNC spokesmabn Brian Goerke.
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