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Organization

PNC Financial Services Group

American financial services company based in Pittsburgh, Pennsylvania.

3 links, 3 backed by primary records

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Also known as
PNC, The PNC Financial Services Group, Inc.
Over time
  1. owns a stake in BlackRock (22.4%, as of 6 May 2020) 1995 – 15 May 2020

Connections 3

owns a stake in

  • BlackRock 1995 – 15 May 2020 22.4%, as of 6 May 2020 Primary record 12

    Held through PNC Bancorp, Inc., a wholly owned PNC subsidiary. PNC sold the stake in a public offering and a buyback by BlackRock, both completed on 15 May 2020, keeping 500,000 shares to give to the PNC Foundation.

  • BlackRock until 15 May 2020 70%, as of 31 Dec 1999 Primary record 3

    After the initial public offering of 1 October 1999 (9 million shares at $14 each). PNC's 2020 exit is already recorded.

acquired

  • BlackRock 28 Feb 1995 $240M Primary record 4

    PNC was then named PNC Bank Corp. It agreed to the purchase on 16 June 1994. The price was $71 million in cash at closing and $169 million in debt payable to the firm's partners (BlackRock's 1999 prospectus).

Timeline 3 dates
  1. 1995 – 15 May 2020 PNC Financial Services Group owns a stake in BlackRock
  2. 28 Feb 1995 PNC Financial Services Group acquired BlackRock
  3. until 15 May 2020 PNC Financial Services Group owns a stake in BlackRock
Proof 4 sources
  1. The PNC Financial Services Group, Inc. Form 8-K, 15 May 2020 (sale of BlackRock shares), PNC Financial Services Group, 15 May 2020. Primary record
    As of May 6, 2020, PNC Bancorp and its affiliates owned approximately 34.8 million shares of Common Stock and Series B Preferred Stock of BlackRock, representing 22.4% ownership.
    Upon completion of the Secondary Offering and the Stock Repurchase, PNC Bancorp will have divested its entire holding in BlackRock, excluding 500,000 shares of Common Stock that PNC Bancorp is retaining for a donation to the PNC Foundation
    The Secondary Offering closed on May 15, 2020.
  2. PNC Announces Intent to Sell Its Investment in BlackRock (press release, Exhibit 99.1 to Form 8-K), PNC Financial Services Group, 11 May 2020. Primary record
    PNC originally purchased BlackRock in 1995 and the two companies have had a mutually beneficial relationship for more than 25 years.
  3. BlackRock Inc. annual report for 1999 (Form 10-K), BlackRock, 28 Mar 2000. Primary record
    On October 1, 1999, BlackRock offered 9 million shares of class A common stock in an initial public offering. Following our IPO, PNC owns 70%, the public owns 14% and BlackRock employees own 16% of BlackRock.
  4. PNC Bank Corp. annual report for 1994 (Form 10-K), PNC Financial Services Group, 31 Mar 1995. Primary record
    On February 28, 1995, the Corporation completed the acquisition of BlackRock Financial Management L.P. and related partnerships ("BlackRock") for approximately $240 million in cash and notes.
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