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Bank of America Agrees to Sell Remaining BlackRock Stake

Financial News Network
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May 20, 2011 AT 6:35 PM
Shares of Bank of America (NYSE:BAC) are higher on a Bloomberg report that the bank agreed to sell its remaining stake in BlackRock (NYSE:BLK) for $2.5 billion. In all, BofA will sell 13.6 million shares to BlackRock for $187.65 apiece. BofA acquired the 34% stake in BlackRock when it took over Merrill Lynch during the financial crisis. Bank of America shares are up 0.04%, or $0.01, to $11.70.