Intel stock extends gains after report of possible U.S. government stake
Investing.com -- Barclays (LON:BARC) is reportedly nearing the conclusion of a deal that would give Brookfield Asset Management (TSX:BAM) majority control over its UK payment business, according to Sky News.
As part of the proposed agreement, Brookfield would initially purchase 10% of Barclay’s merchant acquiring unit, followed by an additional 80% stake three years after the completion of the deal.
In order to facilitate the deal and support the future growth of the payment division, Barclays plans to inject £400m ($533m) into the business. This investment is intended to return the unit to sustainable growth.
The bank will also provide an estimated £250m ($333m) of regulatory capital, a necessary step to secure approval for the transaction.
The deal could be publicly announced as early as next week. Both Barclays and Brookfield have declined to comment on the matter when approached by the media.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.