TOKYO ( TheStreet) -- Mizuho Financial ( MFG said it will purchase a 2% stake in BlackRock ( BLK - Get Report) for about $500 million.

Mizuho agreed to buy 613,497 BlackRock shares in the company's secondary offering, as well as 2,453,988 BlackRock shares from Bank of America ( BAC - Get Report). The shares were purchased at $163 each.

Mizuho, in a press release Friday, also said the two companies signed an agreement to "further promote strategic cooperation between the two firms globally -- with particular emphasis on Japan and Asia -- to more effectively address the investment needs of their respective clients.

Late Monday, 51.1 million shares of BlackRock were priced at $163 a share in a secondary offering.

Mizuho's purchase of the shares in BlackRock, the world's largest money manager, is separate from the 43.5 million BlackRock shares Bank of America will sell in the secondary offering.

Bank of America had said earlier this week it planned to an additional 2.5 million shares of BlackRock stock to one unnamed institutional investor in a direct placement.

-- Written by Joseph Woelfel

>To contact the writer of this article, click here: Joseph Woelfel

>To submit a news tip, send an email to: tips@thestreet.com.