05/06/2008: BlackRock, Inc. (NYSE:BLK) / UBS AG, Mortgage assets
2008 M&A Deals You Should Know – Blackrock / UBS mortgage assets
Deal Synopsis
Acquirer: Blackrock
Target: UBS mortgage assets
Date: 5/6/2008
Deal Size: $15 Billion
BlackRock’s purchase of a massive subprime portfolio from UBS was seen as a sign that buyers were returning to subprime assets long considered too toxic to touch.
Few details of the portfolio were revealed, other than that it consisted of subprime and Alt-A — which range from near-prime to near-subprime — bonds.
The deal enabled Blackrock to sell a new product to clients. The assets Subprime and Alt-A US residential mortgage-backed securities became part of newly created distressed asset fund that will be managed by BlackRock.
Investment banks involved:
N/A