The Kuwait Investment Authority (KIA), the Government of Singapore Investment Corporation (GIC) and the China Investment Corporation (CIC) contributed $2.8bn of the $6.6bn cash element of the deal that will create the world's largest money manager and was first reported in the Sunday Telegraph
In addition to the cash, Barclays will receive 37.8m BlackRock shares, giving it a 19.9pc of stake in the sprawling US money manager and two seats on the board that will be filled by Barclays chief executive John Varley and president Bob Diamond.
To deliver on the purchase, BlackRock said it had "received commitments from a group of institutional investors to purchase 19.9m shares at the closing of the transaction for a total of $2.8bn".
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