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Barclays to sell $6.1 billion stake in BlackRock

  • British bank Barclays is to sell its near-20 percent stake worth $6.1 billion in U.S. asset manager BlackRock.

    The move comes as tougher global regulations have reduced the attraction of such holdings.

    Barclays has held the stake for almost three years but Basel III regulations mean banks must hold more capital against minority stakes in asset managers and other firms, making it less lucrative.

    The shares will be sold through an offering and a related buyback by BlackRock of up to $1 billion of the stock.

    Barclays is set to make nearly $633 million on the deal.