M and A
UBS Sells Remaining Clearstream Fund Centre Stake
The stake is being sold for about $429 million, the banking group said.
UBS announced yesterday
that it had agreed to sell its remaining 48.8 per cent stake in
Clearstream
Fund Centre to Deutsche Börse
for about SFr390 million ($429 million).
The Swiss banking group said that long-term commercial
cooperation arrangements remain in place for Clearstream to serve
UBS. The transaction follows the transition of UBS Fondcenter to
Deutsche Börse in September last year.
The transaction is subject to certain closing conditions and is
expected to complete in June 2021. UBS expects to recognise a
post-tax gain of about $35 million and a Common Equity Tier 1
capital increase of around $400 million in the second quarter of
2021.
“Clearstream Fund Centre has proved to be a highly complementary
business for Clearstream’s fund operations businesses. Our
two-step integration approach with UBS has enabled a seamless
transition for clients and laid the perfect basis for our
continued, long-term partnership with UBS. We see significant
opportunities to further grow the global footprint of this
business, particularly in Europe but also in Asia Pacific,”
Stephan Leithner, member of the executive board of Deutsche Börse
and Clearstream chairman, said.