Barclays PLC Announces Intention To Dispose Of BlackRock, Inc.'s Holding

Barclays PLC announced that it intends to undertake a disposal of its entire holding in BlackRock, Inc. (BlackRock) by way of a registered offering and a related buyback by BlackRock. A preliminary prospectus supplement relating to the offering was filed by BlackRock with the U.S. Securities and Exchange Commission. Barclays Capital Inc., Morgan Stanley & Co. LLC and BofA Merrill Lynch are acting as joint bookrunners in the offering. In connection with the offering, BlackRock has agreed to repurchase up to $1.0 billion of its stock from Barclays conditional on completion of the offering. Barclays currently holds BlackRock common stock and Series B convertible participating preferred stock (which automatically convert into common stock upon a sale), together representing a 19.6% economic ownership interest in BlackRock. Barclays intends, subject to exercise in full of an option to be given to the underwriters of the offering, to sell its entire holding via the offering and buyback.