BlackRock, the US-based investment management firm, has got European Union regulatory approval to acquire Barclays Global investment (BGI) unit for $13.5 billion in cash and shares – reported Reuters.
Reportedly, the acquisition of BGI is expected give BlackRock exposure to ETFs and raise its client funds to $2.8 trillion. Once the acquisition is completed, the combined entity would be called as BlackRock Global Investors.
In a statement, the European Commission, the competition watchdog of the 27 country European Union, said: “The Commission’s market investigation confirmed that although the combined firm would be a significant player in a number of the sectors, its market shares would remain relatively limited,” reported the news agency.
