Summary
State Street Corporation (STT) announced on December 22, 2009, a significant acquisition agreement with Intesa Sanpaolo (ISP) to purchase ISP's Securities Services (ISPSS) business. This strategic move is expected to expand State Street's operations into Italy and Luxembourg, encompassing key services such as global custody, depository banking, correspondent banking, and fund administration. The transaction involves a cash consideration of €1.28 billion, subject to adjustments, and State Street anticipates providing approximately €560 million ($800 million) in additional capital to support the acquired balance sheet. Investors should note that the completion of this acquisition is contingent upon obtaining regulatory approvals and satisfying other customary closing conditions. The filing also includes investor presentation slides detailing this agreement.
Key Highlights
- 1State Street Corporation entered into an acquisition agreement to acquire Intesa Sanpaolo's Securities Services (ISPSS) business.
- 2The acquired business operates in Italy and Luxembourg.
- 3Key services included in the acquisition are global custody, depository banking, correspondent banking, and fund administration.
- 4The purchase price is €1.28 billion, subject to certain adjustments.
- 5State Street expects to inject approximately €560 million ($800 million) in additional capital into the acquired business.
- 6The transaction is subject to regulatory approvals and other closing conditions.
- 7Investor presentation slides related to the acquisition are attached as an exhibit.