BCS Scoops Up Lehman Pieces

Days after walking away from an outright buyout of now-failed investment bank Lehman Brothers (LEH), UK-based Barclay's, Plc (BSC) cannot resist plunking down $250 million to pick up Lehman's North American banking and capital markets unit.  Wow, just $250 million.  Two weeks ago, Lehman was looking to raise $5 billion.

The deal does not include Lehman's sweetest plum, the investment management unit.  Still, it gives Barclay's immediate exposure to another foreign market, which has been part of the company's strategy for years.  According to Zacks senior equities analyst Ann Heffron, CFA: "Barclays continues to expand internationally through acquisitions in markets and products it deems attractive."  Two major units of Lehman Brothers for a quarter-bil seems to have qualified.

Barclay's was one of a few different would-be suitors to take over Lehman before the firm declared bankrupcy.  They say patience is a virtue -- indeed it is.  BCS shares are up 4.5% this morning to $24.25.

Read the full analyst report on BCS

Read the full analyst report on LEH