Barclays PLC Sells iShares ETF Unit For $4.4B
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Barclays PLC (NYSE: BCS) announces agreement for the sale of its iShares business to Blue Sparkle LP, a new limited partnership established by CVC Capital Partners Group SICAV-FIS S.A., for a total consideration of approximately US$4.4 billion (£3.0 billion).
Under the transaction agreement, for a period of at least 45 business days from 15 April 2009, Barclays may solicit proposals for iShares and potentially other related businesses from third parties. There can be no assurance that the solicitation of proposals will result in any superior alternative transaction being agreed.
The debt financing for the transaction will be provided by Barclays in the amount of approximately US$3.1 billion (£2.1 billion).
iShares is a leading global provider of exchange traded funds ("ETFs").
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