Morgan Stanley and Citigroup have agreed to a $13.5 billion valuation of Smith Barney that clears the way for Morgan Stanley to complete its acquisition of the brokerage business by June 2015.

The valuation was determined with the help of an independent arbitrator after a standoff between the two firms over how the firm would be valued after Morgan Stanley said in May that it plans to acquire its next 14% stake in the business. Morgan Stanley currently owns 51% of Smith Barney.

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