NEW YORK — As Lehman Brothers secured court approval to begin the sale of key North American units to Barclays bank, its negotiators out of court neared a deal to sell parts of the business Barclays had not yet claimed, starting with its prized money management business.
On Wednesday, Lehman secured a judge’s approval to proceed with selling its investment banking and trading operations, which Barclays PLC of Britain has agreed to buy. Judge James Peck is expected to consider final approval of that deal on Friday.
Lehman, which filed the biggest bankruptcy in U.S. history on Monday, is trying to unload its assets and potentially save thousands of jobs. A person familiar with negotiations, speaking on the condition of anonymity because the talks are ongoing, said Lehman was close to announcing a deal for the investment management division that includes its Neuberger Berman money management unit.
Private equity firms Hellman & Friedman and Kohlberg Kravis Roberts & Co. are among the bidders, the person said. A deal could be announced in the next few days, he said.
Neuberger Berman was once valued as high as $10 billion by Wall Street analysts but now could fetch much less considering Lehman’s bankruptcy filing.
Lehman is also trying to sell global operations not covered under the Barclays deal, or others to go along with the investment management division.
