Institutional Investors completed the acquisition of a 22% stake in BlackRock from PNC for $1.1bn

Institutional Investors completed the acquisition of a 22% stake in BlackRock from PNC, an American bank holding company, for $1.1bn. As a result of this transaction, PNC exits its entire ownership position in BlackRock, other than 500,000 shares PNC intends to donate to The PNC Foundation. The shares offered were sold in an underwritten public secondary offering. “This transaction marks an important milestone in BlackRock’s evolution as a public company and gives more investors than ever before the opportunity to participate in BlackRock’s future growth and performance over the long-term. I also want to welcome our newest shareholders who participated in the secondary offering, as well as many long-standing shareholders that reinforced their conviction in BlackRock by adding to their existing positions. BlackRock’s differentiated platform remains uniquely positioned to capture future growth," Laurence D. Fink, BlackRock Chairman and CEO.