Investors Financial shareholders approve $4.5 billion deal with State Street

By Lisa Kerner

Charlotte, N.C., June 20 - Investors Financial Services Corp. stockholders approved the acquisition of the company by State Street Corp. The Federal Reserve System's board of governors also approved the deal, according to a company news release.

On Feb. 5, State Street signed a definitive agreement to acquire Investors Financial in a stock transaction estimated at $4.5 billion. Investors Financial shareholders will receive 0.906 of a share of State Street common stock for each share of Investors Financial common stock, with about 65.6 million State Street common shares expected to be issued.

The transaction between the two Boston-based companies is expected to close in early July.

The acquisition will give State Street more than $14 trillion in assets under custody, a prior news release stated.

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.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.