Penson Shedding Assets: Sells Australian Unit

Discussion in 'Wall St. News' started by JamesL, Nov 28, 2011.

  1. JamesL


    Penson Worldwide (NASDAQ: PNSN [FREE Stock Trend Analysis]) and BNY Mellon Company (NYSE: BK) announced today that they have signed a definitive agreement for the acquisition of Penson's Australian subsidiary, Penson Financial Services Australia Pty Ltd (PFSA) in a share purchase transaction for the purchase price of approximately AUD $33 million. PFSA will become an affiliate of Pershing, a BNY Mellon company.
    Penson will realize a gain of approximately USD $14 million from the sale. The sale is expected to close in the fourth quarter of 2011.

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