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Date : 26/03/2021

How will acquisition of Wells Fargo’s CTS affect Computershare’s business?

Computershare (ASX: CPU) is a global market leader in transfer agency and share registration, employee equity plans, proxy solicitation and stakeholder communications. Computershare also specialises in corporate trust, mortgage, bankruptcy, class action, utility and tax voucher administration, and a range of other diversified financial and governance services.

Computershare is one of the largest technology companies listed on the ASX with a market capitalisation of over $8 billion. Computershare shares have performed extremely well in the last 1-year – returning 62% to investors and 9% in the last month.

On the 24th of March, Computershare announced that they have entered into an agreement with major US bank Wells Fargo to acquire their Corporate Trust Services – one of the major services in the USA that provides trust and agency services to government and corporate clients. The acquisition is being funded by a combination of debt and equity. Computershares also announced a $835 million Entitlement Offer as well, whose proceeds will go towards funding the acquisition. The Entitlement Offer is aimed at both eligible institutional and retail shareholders on a pro-rata basis.

Wells Fargo’s Corporate Trust Services is a strategic fit with Computershare’s existing Canadian and US corporate trust operations and its growth strategy. The combination is expected to accelerate Computershare’s Position in the attractive US corporate trust market to a top 4 position. Client deposit balances and money market fund balances of over US$60bn will also transfer across as part of the acquisition.

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