BlackRock will repurchase Bank of America Corp.'s remaining 13.6 million shares in the money management giant for roughly $2.545 billion.
Bobbie Collins, BlackRock spokeswoman, said the repurchase was for a roughly 7% stake in the company.
The sale is expected to close “on or about June 1”; the shares will be retired, boosting earnings per share for owners of the remaining 183.5 million shares, according to a BlackRock news release Thursday.
In the news release, Laurence D. Fink, chairman and CEO of BlackRock, and Brian Moynihan, president and CEO of Bank of America, both said the sale won't weaken the strategic partnership between the two companies.
Mr. Fink noted that Thomas Montag, president of BofA's global banking and markets group, “will continue to serve on our board, underscoring the importance of, and commitment to, our partnership.”