BNY Mellon Snags PNC Investment Unit For $2.3B

Law360, New York (February 2, 2010, 3:10 PM EST) -- Bank of New York Mellon Corp. revealed plans Tuesday to acquire PNC Financial Services Group Inc.'s investment servicing unit for $2.31 billion, a move the global financial services giant said would create the second-largest provider of fund accounting, administration and transfer agency services to fund managers worldwide.

Under the terms of the deal, BNY Mellon's payout for PNC's Global Investment Servicing Inc. business includes the purchase of $1.57 billion of stock and repayment of intercompany debt from PNC, the company said.

BNY Mellon plans to raise...
To view the full article, register now.