Source: Computershare Limited
Computershare Limited (ASX: CPU ), a leading financial services provider for the global securities industry, today announced it has acquired the transfer agent business of Western Corporate Services, doing business as U.S. Stock Transfer Corporation.
U.S. Stock Transfer Corporation is a provider of transfer agent services for approximately 400 companies listed on NASDAQ, the American Stock Exchange and OTC. Financial terms of the transaction were not disclosed.
The acquisition of U.S. Stock Transfer will further expand Computershare's well-established small- and mid-cap issuer base. Additionally, Computershare will now have offices in both San Francisco and Glendale, California. "We're excited to expand our transfer agency capabilities in California, as well as the entire west coast, where many of U.S. Stock Transfer's clients are based," said Steve Rothbloom, President and CEO of Computershare North America. "With this acquisition, Computershare solidifies its position as the most experienced transfer agency in the United States with the broadest geographic coverage."
Computershare will retain U.S. Stock Transfer's Glendale facility and the business will be managed as part of Computershare's Colorado-based operations. Under a transition plan, Computershare and U.S. Stock Transfer employees, including key members of their senior management team, will be working together over the next several months to ensure a smooth integration of systems and accounts.
"It was important that we could find the right partner to work with our clients going forward and we are convinced Computershare's people and technology are the best fit," said John Stein, President and CEO, U.S. Stock Transfer Corporation.
Separately, Computershare Trust Company of Canada, a subsidiary of Computershare Limited (ASX:CPU), announced today that it has reached an agreement to purchase TD Bank Financial Group's Corporate Trust business, a division of TD's Trust businesses.
Under the agreement, Computershare will acquire all of TDBFG's Corporate Trust assets which predominantly include trusteeships on debt and securitization structures, as well as escrows of cash, securities and source code. The close of the sale is scheduled for May 1, 2007.
"This acquisition represents an opportunity for Computershare to acquire a solid book of business which will add a number of major clients to an existing list of impressive Corporate Trust clients," said Wayne Newling, President of Computershare Canada. "With Computershare having over $580 billion of debt under administration, we offer TDBFG's Corporate Trust clients our substantial experience in trustee and agency services within the Canadian market."