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Barclays is expected to announce the sale of asset management unit iShares to private equity firm CVC Partners Thursday, people familiar with the matter said Wednesday.
Barclays said March 31 it was in exclusive talks to sell iShares to CVC . The deal is likely to be worth about 3 billion pounds and Barclays will retain a roughly 20 percent exposure to iShares through warrants, a person familiar with the matter said at that time.
The deal could still be delayed, but the British bank and CVC are keen to seal the deal before the Easter holiday break, the people said.
Barclays [BCS
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] is expected to lend CVC about 70 percent of the money required to finance the deal, sources have said.
The sale of the fast-growing business is expected to boost Barclays' core tier 1 capital ratio to over 7 percent from 6.7 percent at the end of December, aiding its attempt to bolster its balance sheet.
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