Summary
Bank of New York Mellon Corp (BK) announced on September 11, 2019, that its wholly-owned subsidiary, MCDI (Holdings) LLC, along with other stakeholders, has entered into a definitive agreement to sell its interests in Promontory Interfinancial Network, LLC (PIN). This strategic divestiture is anticipated to conclude in the fourth quarter of 2019, contingent upon meeting standard closing conditions. Investors should note the significant financial impact of this transaction. BNY Mellon expects to recognize an after-tax gain of approximately $600 million upon the successful closing of the sale. This gain represents a notable positive development for the company's profitability in the current fiscal year.
Key Highlights
- 1BNY Mellon subsidiary to sell its stake in Promontory Interfinancial Network, LLC (PIN).
- 2Transaction is expected to close in the fourth quarter of 2019.
- 3Sale is subject to customary closing conditions.
- 4BNY Mellon anticipates an after-tax gain of approximately $600 million from the sale.
- 5This event is reported under Item 8.01 (Other Events) of the 8-K filing.
- 6The event date for this disclosure was September 10, 2019.