UPDATE 1-BNY Mellon to buy BHF Asset Servicing

March 8 (BestGrowthStock) – Bank of New York Mellon Corp (BK.N: ), the
world’s largest custodian of financial assets, said it agreed to
acquire Germany’s BHF Asset Servicing GmbH for about $343
million.

BNY Mellon said the deal, which is expected to close in the
third quarter, will immediately add to its GAAP earnings per
share.

The deal is expected to be funded internally and includes
the purchase of BHF Asset Servicing unit Frankfurter Service
Kapitalanlage-Gesellschaft mbH (FSKAG), BNY Mellon said in a
statement.

Both BHF Asset Servicing and FSKAG will become a part of the
company’s asset servicing business and the new combined German
business will have about $642 billion in assets under custody,
the company said.

Shares of BNY Mellon closed at $29.70 Friday on the New York
Stock Exchange.

Investing Analysis

(Reporting by Amulya Nagaraj in Bangalore; Editing by Jon
Loades-Carter)

UPDATE 1-BNY Mellon to buy BHF Asset Servicing