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Equiniti to acquire WFSS

12 July 2017 09:53

Equiniti Group has announced the proposed acquisition and carve out of the Wells Fargo Share Registration & Services business for a total cash consideration of $227m.

It said the acquisition would combine the #1 UK and #32 US share registrars to create a multi-national share registration and services business spanning the world's deepest capital markets, which would create a more diversified, multi-national group.

It said the acquisition was financially attractive for shareholders and was expected to be strongly earnings accretive in the first full year of ownership and double digit earnings accretive by the end of the second full year of ownership.

At 9:53am: (LON:EQN) Equiniti Group Plc share price was +17.5p at 260.25p

Story provided by StockMarketWire.com

Related Company: EQN

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