|Bid||78.30 x 800|
|Ask||78.33 x 800|
|Day's Range||77.18 - 79.41|
|52 Week Range||58.62 - 104.87|
|Beta (5Y Monthly)||1.62|
|PE Ratio (TTM)||11.08|
|Earnings Date||Jan 17, 2023 - Jan 23, 2023|
|Forward Dividend & Yield||2.52 (3.43%)|
|Ex-Dividend Date||Sep 30, 2022|
|1y Target Est||81.00|
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State Street Corporation and Brown Brothers Harriman & Co. have agreed to pull the plug on State Street’s long-stalled acquisition of BBH’s investor services business, ending a months-long push to renegotiate a $3.5 billion price tag and restructure a deal that likely faced continued regulatory holdups. Boston-based financial services giant State Street (NYSE: STT) announced the termination of the deal on Wednesday morning. The move comes after regulators indicated approval would only come after further changes to the transaction, requiring more delays.
(Reuters) -Custodian bank State Street Corp said on Wednesday it had agreed to terminate its $3.5 billion deal to buy the investor services business of Brown Brothers Harriman & Co (BBH). State Street's shares rose 5% to $77.64. The deal, announced in September 2021, would have given Boston-based State Street access to BBH's expertise in cross-border, alternatives, exchange-traded funds, and other high-growth asset classes.
State Street Corp. said Wednesday it reached an agreement with Brown Brothers Harriman & Co. (BBH) to terminate its acquisition of BBH's Investors Services unit because of regulatory delays and additional operational risk posed by the $3.5 billion deal as initially announced on Sept. 21, 2021. State Street also cited a challenging financial services M&A environment. State Street CEO Ron O'Hanley said, "the decision not to proceed with this transaction was not taken lightly and is in no way a ref