(Reuters) - Britain’s Equiniti Group Plc said it would buy Wells Fargo & Co’s share registration business for $227 million as it looks to enter the United States, the largest and most active share registration market.
Wells Fargo said it would focus on areas of its business that are essential for growth.
The Wells Fargo Share Registration & Services (WFSS) business will add to its earnings in the first full year of ownership, Equiniti, a share registration and investor services company, said on Wednesday.
WFSS provides shareowner services including stock transfer agent, corporate action, and investment plan services to more than 1,200 companies across the United States.
Greenhill & Co International LLP was Equinity’s lead financial adviser, with Citigroup Global Markets Ltd as joint adviser.
Wells Fargo Securities was financial adviser to Wells Fargo, with Wachtell, Lipton, Rosen, & Katz serving as legal counsel.
Reporting by Noor Zainab Hussain in Bengaluru; Editing by Gopakumar Warrier