Barclays will acquire trading assets with a current estimated value of £40bn and trading liabilities with a current estimated value of £38bn for a cash consideration of £0.14bn.
Barclays will also acquire the New York headquarters of Lehman Brothers as well as its two data centres at close to their current market value.
Barclays says shareholders have expressed support for the transaction and interest in increasing their shareholdings in Barclays. The board of Barclays expects these discussions to lead to a subscription of at least £0.6bn of additional equity.
John Varley, chief executive of Barclays Group, says: “The proposed acquisition of Lehman Brothers North American investment banking and capital market operations accelerates the execution of our strategy of diversification by geography and business in pursuit of profitable growth on behalf of our shareholders, in particular increasing the percentage of Barclays earnings sourced in North America.
“This transaction delivers the strategic benefits of a combination with Lehman Brothers core franchise, whilst meeting Barclays strict financial criteria, and strengthening our capital ratios.’