State Street Buys Intesa Securities Unit For $1.87B

Law360, New York (December 22, 2009, 5:29 PM EST) -- Financial services provider State Street Corp. will acquire Italian banking group Intesa Sanpaolo's securities services business for approximately €1.28 billion ($1.87 billion), State Street announced Tuesday.

State Street said it expects to support the acquired Intesa Sanpaolo securities services balance sheet with approximately €560 million ($800 million) of capital at the deal's closing.

Under the agreement, State Street will acquire the global custody, depository banking, correspondent banking and fund administration portions of Intesa Sanpaolo's securities services business, which has operations in Italy and Luxembourg. 2009 revenues...
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