Well, much less than Facebook, I can tell you that much. Just kidding, but seriously, the joint-venture-turned-mega-merger took another step forward as the too co-owners of MSSB have come to an agreement on valuation.
My homegirl Lauren LaCapra has the whole story at Reuters…
Morgan Stanley has agreed to buy the rest of its brokerage joint venture from Citigroup Inc over time at a price that values the business at $13.5 billion, a victory for Morgan Stanley and far lower than the $22 billion that Citigroup had originally sought.
Under terms of the agreement, Morgan Stanley will buy another 14 percent of Morgan Stanley Smith Barney now, and will buy Citigroup’s remaining 35 percent stake by June 1, 2015. The deal is subject to regulatory approval.