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The deal will creatr one of the world’s largest money management firms, with more than $2.7 trillion in assets under management and morethan 9,000 employees. BlackRock announced the agreement Thursday and said it expectas to complete the transaction in the fourth The combined company will be called BlackRocjGlobal Investors. BlackRock is acquiring BGI for $13.5 $6.6 billion in cash and $6.9 billion in The shares will give BGIa 4.9 percenyt voting interest and a 19.9 percenft economic interest in the company. Barclays CEO John Varlegy and President and Chief Executivew of Investment Banking and Investment Management RobertDiamonx Jr. will be nominated to join the BlackRock board.
PNC owns one-third of BlackRock through a combinatiob of common andpreferred shares. The deal will give PNC a one-timwe gain of capital, though it will dilutre its common share holdings from 46 percent of BlackRoc to35 percent. “It’s a remarkable transaction for BlackRock and its of which weare one,” said PNC spokesmanm Brian Goerke.
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