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Morgan Stanley and Citigroup have settled a dispute over the value of the brokerage firm Morgan Stanley Smith Barney, which they jointly own.
The deal clears the way for Morgan Stanley to buy Citigroup’s 49 per cent interest in the broker, giving Morgan Stanley full ownership.
Morgan Stanley will purchase Citi’s interest in Smith Barney in stages, starting with a 14 per cent stake. It will buy the rest by June 1, 2015. The deal values Smith Barney at $13.5 billion.
Morgan Stanley bought 51 per cent of Smith Barney from Citi during the height of the financial crisis in January 2009.
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