State Street to Acquire GE Asset Management

April 1, 2016

On March 30, 2016, State Street Corporation announced that it had agreed to acquire GE Asset Management from General Electric Company.

State Street Corporation (“State Street”) will acquire GE Asset Management (“GEAM”) from General Electric Company (“GE”) in a cash transaction for a purchase price of up to $485 million, subject to adjustments. The acquisition will increase State Street’s assets under management by approximately $100 billion and is expected to increase operating-basis earnings per share for the first full twelve-month period after the transaction closes.

State Street provides financial services to institutional investors and has $28 trillion in assets under custody and administration and $2 trillion in assets under management as of December 31, 2015.

With more than 100 institutional clients, GEAM has been managing GE’s U.S. pension and benefit plans for over 80 years.

The parties expect the transaction to close early in the third quarter of 2016, subject to regulatory approvals and other customary closing conditions.  Credit Suisse is advising General Electric in connection with the transaction.

To read the full press release: please click here.


Investment Manager M&A, Transactions