NEW YORK CITY-Barclays Bank PLC is selling its 19.6% stake in BlackRock, Inc. by way of a registered offering and a related buyback, the company unveiled on Monday morning. In connection with the offering, BlackRock has agreed to repurchase up to $1 billion of its stock from Barclays conditional on completion of the offering, according to a preliminary pricing supplement filed with the SEC.

As of May 18, the market value of Barclays investment in BlackRock, based on the closing price of the company’s common stock, was $171.91, and assuming conversion of preferred stock, was $6.1 billion. Barclays Capital Inc., Morgan Stanley & Co. LLC and BofA Merrill Lynch are acting as joint bookrunners in the offering.

Please check GlobeSt.com as more details emerge.

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