British banking giant Barclays, which over the weekend walked away from a merger deal with Lehman Brothers, said on Wednesday that it has reached a pact to buy certain assets of the beleaguered US insurance giant for $1.75 billion.
Barclays, the third largest bank of Britain said it would acquire the North American investment banking and capital markets businesses of Lehman Brothers.
The bank said it would acquire trading assets with an estimated value of $72 billion and liabilities worth $68 billion for a cash consideration of $0.25 billion.
Barclays will also buy Lehman's New York headquarters and two data centres in New Jersey for a combined value of $1.5 billion.
The acquisition, which covers operations of about 10,000 Lehman staff is subject to approval by regulators and New York's bankruptcy court.