Investors Financial Services acquired by State Street for $4.2 billion

By Angela McDaniels

Seattle, July 2 - State Street Corp. completed its $4.2 billion acquisition of Investors Financial Services Corp. on Monday, according to a news release.

Investors Financial shareholders received 0.906 of a share of State Street common stock for each share of Investors Financial common stock, with about 61 million State Street common shares issued.

Investors Financial Services' shareholders approved the deal at a special meeting on June 20.

The Boston-based companies signed a definitive agreement to merge on Feb. 5, at which time State Street expected to issue about 62 million shares worth $4.5 billion.

"We have an experienced team in place - with employees from both companies - to lead a seamless and swift conversion for our new customers, which we expect to be complete within 18 months," Joseph L. Hooley, vice chairman and head of global investment servicing and investment research and trading at State Street, said in the release.

State Street is the holding company for State Street Bank and Trust.

Investors Financial Services operates as the holding company for Investors Bank & Trust Co.

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