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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Wells Fargo and Company | NYSE:WFC | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
-0.33 | -0.54% | 60.75 | 61.79 | 60.59 | 61.06 | 15,028,341 | 00:59:55 |
By Razak Musah Baba
LONDON--U.S. international financial services group Wells Fargo & Co (WFC) is selling its Share Registration & Services business, or WFSS, to the U.K.'s Equiniti Group PLC (EQN.LN) for $227 million.
Equiniti, which provides payment services, said Wednesday it plans to buy WFSS to create a multi-national share registration and services business. Equiniti said the acquisition will be conditional on the approval of Equiniti's shareholders at a general meeting in September.
Equiniti said the deal will be financed from a $160 million fully-underwritten rights issue and $155 million in fully-underwritten new debt facilities.
The acquisition is expected to complete during the fourth quarter of 2017.
Equiniti also said it expects significant cost savings of at least $10 million a year by the third full year of ownership.
At 0730 GMT, Equiniti shares were up 9 pence, or 3.6%, at GBP2.53, valuing the company at GBP754.7 million ($967.5 million).
-Write to Razak Musah Baba at razak.baba@wsj.com; Twitter: @Raztweet
(END) Dow Jones Newswires
July 12, 2017 03:57 ET (07:57 GMT)
Copyright (c) 2017 Dow Jones & Company, Inc.
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