BankBoston, Robertson Confirm Plans

BankBoston Corp. will acquire BankAmerica Corp.’s securities unit, Robertson Stephens, for $800 million, the companies confirmed. San Francisco-based BankAmerica said it will keep the firm’s money management and debt underwriting businesses. BankBoston would pay $400 million in cash and put $400 million in a pool to persuade the securities firm’s partners and key employees to remain after the sale. The pool would consist of $300 million in cash that will be paid over four years and $100 million worth of stock options. Most of the investment bank’s employees would stay with the 20-year-old firm, which would be renamed BancBoston Robertson Stephens Inc. and would remain in San Francisco. BankAmerica, which acquired Robertson Stephens last June for $540 million, put the investment bank up for sale last month after agreeing to be acquired by Charlotte-based NationsBank Corp., whose investment unit competes with Robertson Stephens. On the New York Stock Exchange, BankBoston shares fell 81 cents to close at $105.38, and BankAmerica fell $1.06 to close at $82.69.