BNY Mellon sells ConvergEx stake
21 July 2011 New York
Image: Shutterstock
BNY Mellon has agreed to sell a majority of its equity stake in ConvergEx Group as part of a definitive agreement for ConvergEx Group to be acquired by funds advised by CVC Capital Partners in an all cash transaction expected to close in the early fall.
BNY Mellon agreed to sell the majority of its holding in ConvergEx Group while remaining a minority shareholder. Upon closing, the transaction is expected to enhance BNY Mellon's capital position, adding approximately 15 basis points to the company's Basel III Tier1 Common Equity.
"This transaction will provide a meaningful boost to our strong capital position and enable us to benefit from the ongoing growth of ConvergEx Group as one of the leaders in providing software and technology solutions to asset managers and financial intermediaries globally," said Thomas Gibbons, vice chairman and chief financial officer of BNY Mellon. "We look forward to working with CVC and management to support ConvergEx as it enters its next phase of growth."
BNY Mellon agreed to sell the majority of its holding in ConvergEx Group while remaining a minority shareholder. Upon closing, the transaction is expected to enhance BNY Mellon's capital position, adding approximately 15 basis points to the company's Basel III Tier1 Common Equity.
"This transaction will provide a meaningful boost to our strong capital position and enable us to benefit from the ongoing growth of ConvergEx Group as one of the leaders in providing software and technology solutions to asset managers and financial intermediaries globally," said Thomas Gibbons, vice chairman and chief financial officer of BNY Mellon. "We look forward to working with CVC and management to support ConvergEx as it enters its next phase of growth."
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