BlackRock Inc. (BLK) plans to buy the asset-management business of a Mexican unit of Citigroup Inc. (C), adding about $31 billion in assets under management to its portfolio, the investment adviser said Tuesday.
Executives from both companies said the deal will give BlackRock more opportunities to sell its investment services by leveraging Citibanamex's network in Mexico.
The companies didn't disclose financial terms of the deal, though they said the transaction was immaterial to their earnings. They expect the deal to close in the second half of next year.
BlackRock managed roughly $5.98 trillion in assets on behalf of investors worldwide as of Sept. 30.
Shares in both BlackRock and Citigroup are up less than 1% in early trading Tuesday.
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(END) Dow Jones Newswires
November 28, 2017 10:21 ET (15:21 GMT)