The Bank of New York said today that it has struck a deal to purchase Pershing, a clearing services firm, from Credit Suisse First Boston for $2 billion in cash.

The price amounts to a premium of $1.4 billion more than Pershing’s book value and may be increased by as much as $50 million if Pershing’s revenue grows this year. Bank of New York will finance the acquisition through the public issuance of an estimated $900 million in debt and $1.1 billion in equity. The deal is expected to close by the end of the second quarter.

Pershing operates out of 13 locations worldwide and has a client base of more than 850 broker/dealers and investment managers. The firm holds roughly $400 billion in customer assets, including $160 billion in money market and mutual fund assets.

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