Fink’s not-so-smooth acquisition

There was an interesting story from the Wall Street Journal about the BlackRock-Barclays deal and the supposedly involved investors.  Though brief, it provides details showing that the deal that created the image of a smooth transaction wasn’t really what many made it out to be.  The story revolved around Larry Fink and a supposedly “rockstar” broker Amanda Staveley who helped arrange the takeoever of football club Manchester City by investors from Abu Dhabi.

Here are some excerpts:

Weeks before, Ms. Staveley and Mr. Fink had begun discussions about cooperating. Ms. Staveley said that she could deliver billions of dollars from Gulf sovereign-wealth funds to help fund the deal, said people familiar with the transaction. After a late May visit to Abu Dhabi and Qatar, Mr. Fink penciled in at least $2 billion from Ms. Staveley as part of his acquisition plan, said these people.

Those who followed the acquisition of Barclays’ Global Investors unit close enough know there wasn’t any participation from the Qataris, the group BlackRock expected to fund the $2bn.

Follow the story HERE.

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