State Street in Boston said it remains committed to its proposed purchase of Brown Brothers Harriman’s Investor Services business despite a delay getting regulatory approval.
The $300 billion-asset company disclosed in a regulatory filing that the it “continues to believe the strategic rationale for the transaction remains attractive.”
State Street said the parties are discussing a modified structure, terms and valuation for the deal. They are also “reviewing the planned approach with regulators.”
State Street agreed in September 2021 to buy the investor services business, including BBH’s custody, accounting, fund administration, global markets and technology services, for $3.5 billion in cash.