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State Street Stock Gains 8% After It Terminates Deal To Buy BBH's Investor Services Biz

Shares of State Street Corporation (STT) are gaining over 8% on Wednesday morning after the financial services provider terminated its proposed acquisition of Brown Brothers Harriman & Co.'s (BBH) Investor Services business.

STT is currently trading at $79.96, up $6.03 or 8.16%, on the NYSE. The company opened its trading at $73.21 after closing Tuesday's trading at $73.93. The stock has traded between $58.62 and $104.87 in the 52-week period.

State Street said the decision was taken after it became clear that the company will be unable to obtain necessary approvals from its regulators for the agreed deal.

Brown Brother said said it has no other plan to sell the Investor Services business or to pursue another transaction.

The Investor Services business includes associated technology, geographic scope, competitive dynamics, and regulation.

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