More protection for Barclays
Barclays has sold one of its jewels, Barclays Global Investors or BGI, to raise capital as a protection against further losses on the loans and investments it made in the bubble years - and to provide a bit more insulation from what other financial storms may lie ahead.
The buyer is BlackRock of the US, and the deals turns BlackRock into the world's biggest money manager, with a striking £1.9 trillion of funds under management - which is more-or-less the size of the entire hedge fund industry.
Just under half the price of £8.2bn is payable in cash, with the rest in BlackRock shares - so Barclays will emerge with 19.9 per cent of this vast enlarged financial machine.
If BlackRock does well, Barclays will benefit - although there has been a sacrifice in reducing its stake in an industry which is expected to grow over the coming years.
But, the price doesn't look too bad, relative to BGI's earnings and its implicit share of Barclays' overall market value.
The most controversial element of the deal is the £16m reward it yields for Bob Diamond, the head of Barclays' investment bank.
It's not really a hairshirt year for Diamond, even though he has curbed his other remuneration, for a bit.