Australian stock transfer company Computershare (ASX: CPU) has completed the purchase of Wells Fargo Corporate Trust Services that was announced in March.
Computershare raised over $800 million to fund the US$750 million ($1 billion) acquisition and acquire all assets in the US provider of trust and agency services to government and corporate clients. The business will now be known as Computershare Corporate Trust and will operate as a standalone business within Computershare.
“The acquisition accelerates Computershare’s position in the attractive US corporate trust market to a top 4 position. CCT builds on our leverage to positive, long term structural growth trends in trust and securitisation products and increases in interest rates,” said CEO Stuart Irving.
“Our immediate focus is now ensuring a successful transition and integration of CCT, bringing the business’ market expertise and deep client relationships to Computershare whilst we look to leverage our core competencies to deliver technology innovation, new product development and improved financial returns.”
Shares in Computershare (ASX:CPU) are trading 0.9 per cent higher at $19.27.