Deals
State Street Slides on $2.6 Billion Charles River Purchase
- Bank suspends $950 million in share buybacks to fund purchase
- Charles River to help bolster technology solutions for clients
Photographer: Chris Ratcliffe/Bloomberg
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State Street Corp. fell the most in almost three years on plans to spend $2.6 billion to acquire Charles River Systems Inc., a provider of investment data and analytics software.
The bank expects to suspend about $950 million of share repurchases and issue common and preferred equity to finance the deal, State Street said in a statement Friday. It also issued second-quarter results that exceeded analysts’ estimates.