(Reuters) - Morgan Stanley and Citigroup Inc said on Tuesday they had agreed to value their jointly-owned Morgan Stanley Smith Barney brokerage at $13.5 billion as part of an agreement for Morgan Stanley to buy all of Citigroup's 49 percent interest in the venture by June 2015.
The announcement follows a deadline on Monday for the two companies to receive a valuation of the brokerage from a third-party arbitrator. The outside appraisal was sought to set the price at which Morgan Stanley would buy 14 percent of the venture this month from CITIGROUP (C.NY)
Morgan Stanley had previously said the brokerage was worth about $9 billion and Citigroup had said it was worth $22 billion, according to earlier disclosures by Citigroup.
(Reporting by David Henry and Lauren Tara LaCapra in New York; Editing by Gerald E. McCormick.)
(This story was corrected to say throughout that valuation was from agreement, not arbitrator)
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