PHILADELPHIA (Reuters) – British bank Barclays has agreed to buy Lehman Brothers’ core U.S. broker-dealer business for roughly $2 billion, a source familiar with the matter said on Tuesday.
The deal for Lehman’s broker-dealer business includes equity, fixed income, M&A advisory and other parts, according to the source, who declined to be identified.
Barclays said earlier Tuesday it was in talks to buy some of Lehman’s assets on terms that would need to be attractive to its shareholders. Lehman could not be immediately reached for comment.
A formal announcement of the pact is expected later on Tuesday or early Wednesday, the source said.
(Reporting by Jessica Hall; editing by Jeffrey Benkoe)