BlackRock Inc. is gaining control of the asset management arm of Merrill Lynch & Co. in a deal that will create one of the world’s biggest money managers with $1 trillion in assets, the companies said on Wednesday.
Merrill will move its Merrill Lynch Investment Managers unit into BlackRock and hold a 49.8 percent stake in the combined company, the two said in a joint statement. The deal values MLIM at about $9.5 billion.
