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BlackRock to buy French software firm eFront for $1.3 billion

BlackRock said it would buyback about 3.1 mn of its shares at $412.84 apiece under its existing repurchase program

Reuters 

Photo: Reuters
Photo: Reuters

World's biggest asset manager Inc said on Friday it would buy French investment software provider from private equity firm and employees for $1.3 billion in cash.

plans to integrate 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 software to its wealthy customers.

Separately, 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 1.5 percent to $423.83 in early trading.

First Published: Sat, March 23 2019. 01:43 IST
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