Barclays sells iShares business

The UK bank realises $4.4 billion from the sale of its ETF business to CVC, but has to provide debt financing of $3.1 billion to secure the deal.

Barclays has sold its iShares business to private equity firm CVC Capital Partners for $4.4 billion, continuing its efforts to shore up its capital base. But, reflecting Barclays' eagerness to close a deal as well as the fact that private equity firms are only willing to do deals if leverage is secured, the UK bank will provide $3.1 billion of debt financing to CVC to effect the deal.

Barclays will book a net gain on the sale of $2.2...

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