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State Street Prices 21.72 Mln Shar Offering At $87.60/shr

The State Street Corporation (STT), a provider of financial services to institutional investors, on Friday announced the pricing of its public offering of 21.72 million shares at $87.60 per share.

The offering is expected to close on September 14.

The Massachusetts-headquartered company said it aims to use the proceeds of the offering to partly fund the acquisition of Brown Brothers Harriman Investor Services (BBH).

If the acquisition of BBH Investor Services is not completed, the proceeds may be used for general corporate purposes, State Street said.

Goldman Sachs & Co. LLC and BofA Securities are serving as underwriters for the proposed offering, the company said in a statement.

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