BlackRock Inc. announced Monday that it had completed its merger with Merrill Lynch Investment Managers on Friday.
The combination of the two entities created an investment management company with $1.046 trillion of assets under management, pro forma, at June 30.
PNC Financial Services Group Inc. owned a 70% stake in BlackRock, and its stake is halved by the deal. Merrill wound up with a little less than 50% of the post-merger company. The Pittsburgh banking company said it expects to book a $1.6 billion after-tax gain from the sale to Merrill Lynch & Co. Inc.
