BlackRock Announces Pricing Of Secondary Offering Of Stock By PNC At $420/shr

(RTTNews) - BlackRock Inc. (BLK) announced the pricing of the secondary offering of 28.75 million shares of common stock held by PNC Financial Services Group Inc. (PNC) at a price of $420 per share.

BlackRock also agreed to purchase about 2.7 million shares directly from PNC, at a price of $414.96 per share, for an aggregate purchase amount of $1.1 billion.

In connection with the offering, the underwriters have a 30-day option to purchase up to an additional 2.88 million BlackRock shares from PNC. If the underwriters fully exercise their option to purchase additional shares, the offering and BlackRock's repurchase will together result in PNC exiting its entire ownership position in BlackRock, other than 500,000 shares PNC intends to donate to The PNC Foundation following the completion of the offering.

BlackRock said it will not receive any of the proceeds from the sale of shares of its common stock by PNC.

PNC said it currently holds 34.8 million common and Series B preferred BlackRock shares, which will convert into common stock automatically upon close of the sale, representing 22.4% ownership.