Mizuho Financial Group on Friday announced it agreed to buy a 2% stake in BlackRock for $500 million.
Mizuho will purchase 3.07 million shares of BlackRock for $163 each, according to a statement on the bank's website. Mizuho will buy 2.45 million shares directly from Bank of America and the remaining shares in a public offering, Mizuho said. On Thursday, a source familiar with the sale said BofA would get $400 million.
Mizuho and BlackRock also agreed to start talks on an alliance to expand asset management operations in Japan and other Asian countries, according to the statement.
BlackRock's biggest shareholders, Bank of America and PNC Financial Services Group, sold $8.3 billion of the stock in a Nov. 9 offering, part of an effort to reduce investments outside their main business.