Bank of America Corp. is shedding its remaining interest in asset manager BlackRock for $2.55 billion.

BlackRock has agreed to repurchase 13.6 million of its Series B convertible preferred shares for $187.65 apiece, a 2.9% discount to the stock's Wednesday closing price, the asset manager said in a press release Thursday. BlackRock said it expects the transaction to be "immediately accretive" to earnings.

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