By Colleen McElroy Feb. 2 (Bloomberg) — BNY Mellon announced a definitive agreement to acquire PNC’s Global Investment Servicing Inc. business, a provider of custody, fund accounting, transfer agency and outsourcing solutions for asset managers and financial advisors. The purchase price of $2.31 billion includes the purchase of $1.57 billion of stock and repayment of intercompany debt from PNC. BNY Mellon plans to raise $800 million in equity as part of the transaction. The all-cash acquisition, which will be accretive in the first year, is expected to close in the third quarter of 2010.
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BNY Mellon Agrees to Acquire PNC’s Global Investment Unit for $2.3 Billion
