UK-listed Barclays is looking to sell its entire 20 per cent interest in BlackRock, the asset management titan.

The market value of Barclays’ investment in BlackRock, based on the closing price of BlackRock common stock on 18 May, is $6.1 billion. Barclays currently holds BlackRock common stock and convertibles participating preferred stock totaling just under a fifth of BlackRock.

BlackRock, with $3.7 trillion in assets under management, has agreed to rebuy up to $1 billion of its stock from Barclays when the offering is completed.

The $15.2 billion sale of Barclays Global Investors to BlackRock was completed in March 2009, and made BlackRock the world’s largest asset manager.

In September last year, Barclays’ investment in the asset manager was written down to a fair value of £3.4 billion ($5.4 billion).

The UK bank said that a further statement will be released when the offering has been priced.