BlackRock Inc. is in talks to acquire a minority stake in Italian asset manager Eurizon Capital SGR SpA, the Financial Times reported, citing "several people briefed on the negotiations."
The New York-based asset management giant is also looking to explore a distribution arrangement with the Intesa Sanpaolo SpA unit.
Eurizon CEO Tommaso Corcos reportedly plans to sell up to one-fifth of the business and is keen to close a deal by the end of 2018. BlackRock intends to acquire a 10% stake in the Italian company, which manages about €314 billion in client assets. Financial terms are not finalized yet, according to the report.
BlackRock is a holder of a 5% stake in Intesa Sanpaolo.
BlackRock and Eurizon declined to comment to FT on the development.
