Met Life Selling State Street to BlackRock
BlackRock Inc., the largest publicly traded U.S. manager of bond funds, agreed to buy State Street Research & Management from MetLife Inc. for $375 million to broaden its stock and real estate investments.
MetLife will receive $325 million in cash and $50 million in stock, BlackRock and MetLife, both based in New York, said in a statement. The price may increase by as much as 25% if the transaction meets certain undisclosed conditions, they said.
BlackRock is trying to lessen its dependence on bonds by attracting more equity and hedge fund investors. About half of State Street Research’s $52 billion of managed assets is in stocks and real estate.
MetLife is exiting the money management business.
Shares of MetLife rose 12 cents to $36.57 and BlackRock, majority-owned by Pittsburgh-based PNC Financial Services Group Inc., gained $1.55 to $67.21, both on the New York Stock Exchange.
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