Banking Business Review – The board of directors of Barclays has entered into an agreement for the sale of its iShares business to Blue Sparkle, a new limited partnership established by CVC Capital Partners, for a total consideration of approximately $4.4 billion.
Barclays has said that this transaction gives the company the opportunity to maximise value through the sale of a business which represents a channel for Barclays Global Investors (BGI); and provides Barclays the opportunity to participate in future value creation through a continuing commercial relationship with the iShares business and the potential crystallisation of consideration through a cash-settled participation interest entitling Barclays to receive a portion of the value uplift on iShares if certain performance-related hurdles are met.
