State Street Corporation has completed the closing of its acquisition of Investors Financial Services Corp.
Investors Financial Services Corp. shareholders receive 0.906 shares of State Street common stock for each share of Investors Financial Services’ common stock held at closing. To complete the transaction, State Street issued approximately 61 million common shares worth approximately $4.2 billion.
“State Street and Investors Financial have invested resources and talent into expanding capabilities beyond basic custody to focus on key value-added services,” says Ronald E. Logue, State Street’s chairman and CEO. “Our mutual commitment to excellence, combined with an expanded portfolio of services across a global platform, will provide customers with an investment servicing partner that is unique in the industry. We believe that the winners in this business will differentiate themselves with product scope, geographic reach and deep relationships with customers, and we are confident that this acquisition will build on our strengths in these areas.”
Joseph (Jay) L. Hooley, vice chairman and head of global investment servicing and investment research and trading at State Street, adds: “We have an experienced team in place with employees from both companies to lead a seamless and swift conversion for our new customers, which we expect to be complete within 18 months. Based on our strong track record of managing transitions and meeting our goals, we are confident that this acquisition will deliver value for our shareholders, customers and employees. We’ve met with virtually all of the Investors Financial customers, and now we are prepared to offer them an expanded range of global investment services.”