BlackRock as confirmed that talks with Barclays about its asset management business (which includes the iShares exchange traded funds (ETFs)) are official and that the “negotiations are ongoing.” But they’re also insisting that there has been no final deal made yet.

Earlier this week, BlackRock emerged as another contender to acquire Barclays’ asset management business and the iShares ETF family, and the word is they are ready to pay half in shares and half in cash. The sale could wind up being between $12-13 billion. If the deal goes through, BlackRock  will grow twice in size against its rivals, reports Steve Slater for Yahoo Finance.

Barclays said on Monday it had received proposals for BGI and iShares from a number of parties and was continuing talks. Bank of New York Mellon has also been in discussions with the bank about a deal, sources have said.

Barclays had a deal with private equity firm CVC for $4.4 billion, but the terms of the deal stated that Barclays could solicit other offers until June 18. CVC will have five days to respond to BlackRock’s offer, but a source said they’re likely to walk away.