State Street Corporation and Brown Brothers Harriman & Co. (BBH) have entered into a definitive agreement for State Street to acquire BBH’s Investor Services businesses, including custodianship, accounting, fund administration, global markets and technology , worth $ 3.5 billion in cash. Following the transaction, BBH will continue to independently own and manage its Private Banking and Investment Management businesses. The parties aim to complete the transaction by the end of 2021, subject to approval by the competent authorities and once the customary closing conditions are met.
This acquisition will advance State Street’s strategy as an outsourced enterprise solutions provider, creating the leading asset servicer globally, strengthening competitiveness, expanding geographic reach and improving the client experience.