BlackRock to buy French software firm eFront for $1.3 bln in cash
(Adds Breakingviews link, updates share price)
March 22 (Reuters) - BlackRock Inc, the world's
biggest asset manager, said on Friday it would buy French
investment software provider eFront from private equity firm
Bridgepoint and eFront employees for $1.3 billion in cash.
BlackRock plans to integrate eFront with its investment
platform Aladdin, which is used by more than 225 institutions
around the world.
Aladdin began as an internal tool at the company before
becoming the linchpin of BlackRock's plan to increase revenues
from technology. It is used by investment managers to help to
oversee risks and make investment decisions.
Europe's largest bank, HSBC, on Thursday signed a
deal to offer BlackRock's Aladdin investment management software
to its wealthy customers.
Separately, BlackRock said it would buyback about 3.1
million of its shares at $412.84 apiece under its existing
repurchase program. The share repurchase deal is expected to
close on Monday.
Shares of BlackRock fell 2.8 percent to $418.28 at
(Reporting by Arjun Panchadar in Bengaluru; Editing by Shinjini
First Published: 2019-03-22 15:33:53
Updated 2019-03-22 19:39:11
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