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State Street to acquire GE Asset Management for up to $485M

Mar 31, 2016 - SNL Financial
Mergers and Acquisitions

State Street Corp. ($245.19 billion) agreed to acquire GE Asset Management Inc. from General Electric Co. in a cash transaction with a purchase price of $435 million, subject to adjustments, with up to an additional $50 million tied to incremental opportunities with GE, according to a Form 8-K filed March 30.

GE announced plans to sell its asset management arm, which has more than $100 billion in assets under management for more than 100 institutional clients, in September 2015.

The ...