Barclays to Pay Billions For Lehman Brother's Assets, Investment Banking

By: • Tue, Sep 16 2008, 9:46 PM

Barclays announced late Tuesday night that it plans to acquire Lehman Brothers' North American investment banking for $0.25 billion.

Barclays will pay close to current market value of $1.5 billion for the Lehman head office and data centres and about $1.75 billion for its assets.

Lehman's trading assets have an estimated value of $40 billion.

Barclays will be buying Lehman's New York headquarters, and will be taking on approximately 10,000 of Lehman's employees.

The agreement will be terminated if not completed by September 24th.