Bank of NY Mellon (NYSE: BK) to Buy BHF Bank Asset Servicing Unit

The Bank of New York Mellon (NYSE:BK) said Monday that it has agreed to acquire BHF Asset Servicing GmbH from BHF Bank AG and Sal. Oppenheim Jr. & Co. for $343 million (EUR253 million), subject to regulatory approvals.

This transaction will include the purchase of BHF Asset Servicing's wholly-owned fund administration affiliate, Frankfurter Service Kapitalanlage-Gesellschaft mbH and is expected to be immediately accretive to GAAP EPS, according to Dow Jones.