BlackRock (BLK) Prices 28.753M Share Secondary Offering at $420/Sh

BlackRock, Inc. (the "Company") (NYSE: BLK) today announced the pricing of the secondary offering of 28,753,248 shares of common stock held by The PNC Financial Services Group, Inc. (NYSE: PNC) (“PNC”) at a price of $420 per share. BlackRock also agreed to purchase approximately 2.7 million shares directly from PNC, at a price of $414.96 per share (representing the price paid by the underwriters in the offering), for an aggregate purchase amount of $1.1 billion.

In connection with the offering, the underwriters have a 30-day option to purchase up to an additional 2,875,325 BlackRock shares from PNC. If the underwriters fully exercise their option to purchase additional shares, the offering and BlackRock’s repurchase will together result in PNC exiting its entire ownership position in BlackRock, other than 500,000 shares PNC intends to donate to The PNC Foundation following the completion of the offering.

BlackRock will not receive any of the proceeds from the sale of shares of its common stock by PNC. The secondary offering is occurring simultaneously in the United States and internationally through underwriters led by joint book-running managers, Morgan Stanley, Citi and Evercore ISI.

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