JPMorgan Chase & Co. announced Monday it has agreed to sell designated market maker Bear Wagner Specialists LLC to Barclays PLC's Barclays Capital.
The deal is to close in April. Its financial terms were not disclosed in a press release, though Dow Jones Newswires reported that Barclays would pay roughly $30 million.
A spokesman for Barclays Capital declined to comment, and a JPMorgan Chase spokeswoman did not return a call.
Barclays Capital plans to merge Bear Wagner with the New York Stock Exchange market-making business it acquired last year in the purchase of Lehman Brothers' broker-dealer operations. Once the deal closes, Barclays Capital's market-making business will facilitate trades of just over 850 NYSE-listed stocks.
JPMorgan Chase got Bear Wagner last year in its rescue of Bear Stearns.
