State Street Corp. (STT) said that it has agreed to acquire GE Asset Management or GEAM, an asset manager, from GE (GE).
As per the agreement, State Street will acquire GEAM in a cash transaction with a total purchase price of up to $485 million, subject to adjustments. Pending regulatory approvals and other customary closing conditions, the transaction is expected to be finalized early in the third quarter of 2016.
State Street expects the transaction to be accretive to operating-basis earnings per share for the first full 12-month period following closing.
The transaction is expected to increase SSGA's assets under management by approximately $100 billion upon closing and add new alternatives capabilities, while strengthening existing fundamental equity and active fixed income teams.
In the first full twelve-month period following the close of the transaction, fee revenue from the transaction is expected to be approximately $270 million to$300 million.
GEAM has more than $100 billion in assets under management for more than 100 institutional clients, including corporate and public retirement plan sponsors, foundations, endowments, sovereign wealth funds and insurance companies.
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