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Computershare buys BNY Mellon share services division
Computershare will acquire BNY Mellon’s shareowner services business for US$550 million.
The global data management and transaction processing firm will fund the transaction from available cash resources and new credit lines, Computershare said in a statement to the Australian Securities Exchange.
Two of the firm’s longstanding banking partners have committed to providing up to US$550 in bridging finance. The transaction is still subject to anti-trust clearance, and the firm will be liable for a $30 million reverse break fee payable to BNY Mellon if that clearance is not obtained, Computershare stated.
The integration team will include senior management from both businesses, and specialist Computershare staff from around the world, the firm stated.
Computershare president and chief executive Stuart Crosby described it as the largest transaction in the firm’s history, and added that it would provide the firm with further opportunities to participate in the inevitable upturn in corporate actions and global interest rate cycles.
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