Mizuho Financial Group Inc. has agreed to buy a 2 percent stake in BlackRock Inc. for $500 million, including shares sold by Bank of America Corp., according to two sources briefed on the transaction.
Mizuho will buy 2.45 million shares of the world’s largest asset manager directly from Bank of America, the sources said. It also purchased shares in a secondary offering earlier this week. After the transaction, Mizuho will help distribute BlackRock’s funds to Japanese investors.
The deal comes as Japan’s biggest banks are accelerating asset purchases in Europe, North America and Asia as growth in borrowing slows at home. Mizuho’s accord follows Mitsubishi UFJ Financial Group Inc.’s negotiations unveiled last week with Royal Bank of Scotland Group PLC to buy project-finance assets.
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