BlackRock deal for BGI gains approval of EC
FUND manager BlackRock has won regulatory approval from the European Commission (EC) for its $13.5bn (£8.2bn) purchase of Barclays Global Investors (BGI).
The Commission said the deal did not raise competition concerns, despite overlaps between the two firms in areas such as retail asset management.
It said the new entity, BlackRock Global Investors, would be a major player in several sectors but that “market shares would remain relatively limited”. The deal will create the world’s largest money manager with $2.8 trillion in client funds.