New York-based investment management company BlackRock Inc. plans to acquire French alternative investment software provider eFront.
BlackRock is purchasing the company from London-based private equity investor Bridgepoint and eFront employees for $1.3 billion in cash.
Moreso, BlackRock Inc. intends to integrate eFront with its investment platform Aladdin.
Separately, the company noted that it will buyback around 3.1 million of its shares at $412.84 apiece under its existing repurchase program.