Mitsubishi UFJ Trust will acquire Nikko Citi Holdings in a 25 billion yen cash consideration.
MUTB will pay an all-cash consideration of 25 billion yen, subject to certain purchase price adjustments, at the closing. The sale is expected to close on or around April 1, 2009, pending regulatory approvals and other closing conditions.
As part of the transaction all employees of NikkoCiti Trust will be retained. In addition, the parties have agreed to seek opportunities to cooperate both in Japan and across the globe that will leverage MUTB’s core strength in Japan and Citi’s global expertise and footprint in transaction services.
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