PITTSBURGH -- PNC Bank Corp. said it reached a definitive agreement for its lead bank to acquire BlackRock, a New York-based asset management firm, for $240 million in cash and notes.

The transaction will make Pittsburgh-based PNC Bank one of the largest institutional fixed-income asset management firms in the United States, as well as the sixth-larged U.S. bank money manager, with about $75 billion of discretionary assets under management.

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