EU Clears State Street's €1.3B Deal For ISP Units

Law360, New York (April 27, 2010, 3:44 PM EDT) -- European competition regulators have signed off on State Street Corp.'s €1.28 billion ($1.87 billion) deal to buy Intesa Sanpaolo's securities services business in Italy and Luxembourg.

The European Commission cleared the transaction — which calls for State Street to buy Intesa Sanpaolo Servizi Transazionali SpA and Sanpaolo Bank SA — on Monday after deciding that the deal would not significantly impede competition within the European Union.

The competition watchdog noted that the combination would lead to an overlap in the markets for global custody and fund...
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