On February 1, 2021, the Company acquired 100% of the equity interests of Aperio Group, LLC (the “Aperio Transaction” or “Aperio”), a pioneer in customizing tax-optimized index equity separately managed accounts (“SMAs”) for approximately $1.1 billion in cash, using existing cash resources. The acquisition of Aperio increased BlackRock’s SMA assets under management and expanded the breadth of the Company’s capabilities via tax-managed strategies across factors, broad market indexing, and investor Environmental, Social, and Governance preferences across all asset classes.

The purchase price for the Aperio Transaction was allocated to the assets acquired and liabilities assumed based upon their estimated fair values at the date of the transaction. The goodwill recognized in connection with the acquisition is primarily attributable to anticipated synergies from the transaction. The amount of goodwill expected to be deductible for tax purposes is approximately $0.6 billion. A summary of the fair values of the assets acquired and liabilities assumed in this acquisition is as follows:



(in millions)	Fair Value
Accounts receivable	$	16
Finite-lived intangible assets:
Customer relationships⁽¹⁾		270
Other		17
Goodwill		776
Deferred income tax liabilities		(16	)
Other liabilities assumed		(12	)
Total consideration, net of cash acquired	$	1,051

Summary of consideration, net of cash acquired:
Cash paid	$	1,055
Cash acquired		(4	)
Total consideration, net of cash acquired	$	1,051

Finite-lived intangible assets are amortized over their estimated useful lives, which range from three to ten years. Amortization expense related to the finite-lived intangible assets was $37 million for 2021. The finite-lived intangible assets had a weighted-average remaining useful life of approximately nine years with remaining amortization expense as follows:

(in millions)
Year	Amount
2022	$	40
2023		38
2024		32
2025		29
2026		26
Thereafter		85
Total	$	250

The financial results of Aperio have been included in BlackRock’s consolidated financial statements from the closing of the Aperio Transaction. For 2021, Aperio contributed $78 million of revenue and did not have a material impact to net income attributable to BlackRock, Inc. Consequently, the Company has not presented pro forma combined results of operations for this acquisition.

In June 2021, the Company completed the acquisition of Baringa Partners’ Climate Change Scenario Model, which has been integrated into BlackRock’s Aladdin Climate technology, and will enhance Aladdin Climate’s capabilities and analytics. Total consideration, including contingent consideration, was not material to the Company’s consolidated financial statements.

In October 2021, the Company completed the acquisition of Rhodium Group’s climate risk models related to the physical risks associated with climate change, which will enhance BlackRock’s modeling of climate change and evolve its offering to meet changing industry and client needs. Total consideration was not material to the Company’s consolidated financial statements.