The board of Barclays PLC today accepted BlackRock Inc.'s offer to purchase Barclays Global Investors for $13.5 billion.
Board members will recommend that shareholders approve the deal at a general meeting in early August, according to a news release. The deal is expected to close in December.
CVC Capital Partners, the private equity firm that had earlier agreed to purchase BGI's iShares ETF division for nearly $4.5 billion, has decided not to make a counteroffer for the entire money management firm. In accordance with that agreement, Barclays will pay CVC a termination fee of $175 million, the release said.
A Barclays spokesman couldn't immediately give the exact date of the August meeting.