Bank of New York Mellon (BK) Buying German Businesses

Bank of New York Mellon Corporation (NYSE: BK) announced that it would pay 253 million euros, or $343 million, to acquire BHF Asset Servicing GmbH from BHF Bank AG and Sal. Oppenheim Jr. & Co.

Bank of New York Mellon Corporation said that the deal would include the fund administration affiliate of BHF Asset Servicing, Frankfurter Service Kapitalanlage-Gesellschaft mbH.

The combined German businesses will have $642 billion in assets in custody and should immediately contribute to earnings, according to Bank of New York Mellon.

The deal will be funded using cash on hand and should clear in the 3rd quarter if it gets regulatory approval.