PNC Financial bank announced its intention to sell the 22.4% it had held in the world leader in asset management since 1995. It then paid $ 240 million for an investment valued today at 17 billion.
It’s the end of an era at BlackRock. The world leader in asset management has announced that its main shareholder, PNC Financial, is selling its shares. The Philadelphia-based regional bank, the ninth-largest US bank in terms of assets, held 22.4% of BlackRock’s capital. The investment was valued at $ 17 billion according to the stock market price of BlackRock, Monday at the close of Wall Street.
The shares will be returned to the secondary market. By the way, BlackRock will take advantage of the transaction to buy back part of its own shares, for a total of $ 1.1 billion. If the sale goes as planned, PNC Financial will divest itself completely from the asset manager, with the exception of 500,000 shares that the bank plans to donate to its foundation, the PNC Foundation, in the coming weeks. The opportunity to enter the capital of the American giant at an attractive price should shake the markets even if, for some, the signal sent is not positive.