Equiniti to pick up Wells Fargo division for $227M
July 13, 2017
Commercial Services | Mendota Heights, MN | Corporate Acquisition
Market services provider Equiniti has agreed to purchase the shareowner services business of Wells Fargo for $227 million. Equiniti will finance the deal from a $160 million rights issue and $155 million in new debt facilities and expects to realize cost savings of at least $10 million annually by the third full year of ownership. Shares of Equiniti (LON: EQN) gained 10% Wednesday.