Mizuho Financial Group will buy a 2% stake in BlackRock for $500 million, with plans to deepen an existing partnership between the two firms, according to a source familiar with the sale who declined to be identified.
Mizuho bought $100 million of BlackRock stock in a secondary offering of the money manager's shares earlier this month and will buy an additional 2.45 million shares from Bank of America for roughly $400 million.
Both BlackRock spokeswoman Lauren Trengrove and Bank of America spokesman Jerry Dubrowski declined to comment. A Mizuho spokesman couldn't immediately be reached for comment.
Bank of America and PNC Financial Services Group, BlackRock's biggest shareholders, sold $8.3 billion of stock in the asset manager on Tuesday in a secondary offering, as they sought to reduce investments outside their main business.
Bloomberg contributed to this story.