As part of the offering, BlackRock has agreed to repurchase up to $1bn of its stock from Barclays, which is conditional on completion of the offering, while the remaining stake will be listed on a stock exchange and the stock listing pricing is expected to be completed this week.
Currently, Barclays holds 19.6% economic ownership interest in BlackRock, which represents BlackRock common stock and Series B convertible participating preferred stock.
Acting joint bookrunners in the offering include Barclays Capital, Morgan Stanley and BofA Merrill Lynch.
Barclays operates in over 50 countries and employs over 140,000 people and provides personal banking, credit cards, corporate and investment banking, and wealth and investment management.
