PNC Bank 2008 Annual Report Download - page 57
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Please find page 57 of the 2008 PNC Bank annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.-
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Q
UELLOS
T
RANSACTION
On October 1, 2007, BlackRock acquired the fund of funds
business of Quellos Group, LLC (“Quellos”). The combined
fund of funds platform operates under the name BlackRock
Alternative Advisors and is one of the largest fund of funds
platforms in the world. In connection with the acquisition,
BlackRock paid $562 million in cash to Quellos and placed
1.2 million shares of BlackRock common stock into an escrow
account. The shares of BlackRock common stock will be held
in the escrow account for up to three years and will be
available to satisfy certain indemnification obligations of
Quellos under the asset purchase agreement. In April 2008,
280,519 common stock shares were released to Quellos in
accordance with the Quellos asset purchase agreement, which
resulted in an adjustment to the recognized purchase price. In
addition, Quellos may be entitled to receive two contingent
payments upon achieving certain investment advisory base
and performance fee measures through December 31, 2010,
totaling up to an additional $969 million in a combination of
cash and stock.
53