BNY Mellon has signed a definitive agreement to buy PNC’s Global Investment Servicing business for $2.31 billion in cash. The unit provides custody, fund accounting, transfer agency and outsourcing.

The price includes the purchase of $1.57 billion of stock and repayment of intercompany debt from PNC. BNY Mellon is also raising $800 million in equity as part of the transaction, which is expected to close in the third quarter.

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