Blackrock To Repurchase 13.6M Series B Preferred Shares

BlackRock BLK today announced that it has agreed to repurchase Bank of America Corporation's BAC remaining ownership interest in BlackRock totaling 13,562,878 of its Series B Convertible Preferred Shares for approximately $2.545 billion, or $187.65 per share. The shares will be retired following the close of the transaction which will be immediately accretive to earnings per share. In connection with the transaction, Bank of America Merrill Lynch and BlackRock have worked together to strengthen their enterprise-wide collaboration and enhance their ongoing strategic partnership.