Brian Moynihan’s yard sale is in high gear. The Bank of America chief executive is in exclusive talks to sell a portfolio of commercial properties to private equity firm Blackstone Group.
Blackstone is purchasing a global propety portfolio that Moynihan’s BofA inherited when it bought Merrill Lynch during the financial crisis that is valued at as much as $1 billion, sources told The Post.
The auction is likely to wrap up in the next few weeks, according to people familiar with the situation.
Word of BofA’s sale, which was reported first in the Financial Times, comes less than 24 hours after it agreed to off-load its Canada-based credit card business to Canadian financial institution Toronto-Dominion Bank for $8.6 billion.
Find out more at http://www.nypost.com/p/news/business/property_sale_set_at_bofa_A0UtTlIIcvvjuW8e8UW1VJ
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