BlackRock Inc. entered into an exclusive agreement to acquire all of the equity interests in Paris-based eFront SA from private equity firm Bridgepoint Advisers Ltd. and eFront employees for $1.3 billion in cash.
EFront is an end-to-end alternative investment-management software and services provider.
BlackRock plans to combine eFront with its investment operating platform Aladdin. The combination will enhance Aladdin's end-to-end processing offerings in alternative asset classes, according to a release.
The deal will be funded with a combination of existing corporate liquidity and debt.
Meanwhile, BlackRock authorized the repurchase of about 3.1 million of its shares at $412.84 per share in a private transaction under the company's existing buyback program.
The repurchase program is expected to close on March 25. As of that date, the company will have repurchased about $1.6 billion of stock in 2019. While the company will have then completed its targeted level of share repurchases, it said it would nevertheless remain opportunistic should valuation opportunities present themselves.