Summary
PNC Financial Services Group, Inc. (PNC) has completed the sale of its entire stake in BlackRock, Inc. This significant divestiture, finalized on May 15, 2020, involved the sale of approximately 31.6 million shares of BlackRock common stock and a repurchase of 2.65 million shares by BlackRock itself. The transactions generated approximately $14.2 billion in cash for PNC Bancorp, a wholly-owned subsidiary. Further to this, PNC Bancorp also donated 500,000 shares to the PNC Foundation on May 18, 2020. Following these actions, PNC and its affiliates no longer hold BlackRock stock for their own investment purposes, only in a fiduciary capacity for clients. The company has filed unaudited pro forma financial information to reflect the impact of these transactions.
Key Highlights
- 1PNC has divested its entire holding in BlackRock, Inc.
- 2The divestiture generated approximately $14.2 billion in cash for PNC.
- 3The transactions included the sale of over 31.6 million BlackRock shares.
- 4BlackRock repurchased approximately 2.65 million shares from PNC.
- 5PNC Bancorp made a donation of 500,000 BlackRock shares to the PNC Foundation.
- 6PNC and its affiliates now only hold BlackRock stock in a fiduciary capacity for clients.
- 7Unaudited pro forma financial information reflecting these transactions has been filed.