Deutsche Boerse buys remaining stake in CFC from UBS for 390 million Sfr – Reuters.com

ZURICH/BERLIN (Reuters) – Germanys Deutsche Boerse accepted buy the remaining 49% stake in fund circulation platform Clearstream Fund Centre (CFC) from UBS Group for 390 million Swiss francs ($ 427 million), the two business said on Thursday.Deutsche Boerse, which had actually bought 51% of CFC in 2015, said the transaction would complement previous offers in the mutual fund market, with the acquisitions of Citco Global Securities Services, Swisscanto Funds Centre and Ausmaq.” We see substantial opportunities to additional grow the worldwide footprint of this (CFC) organization, especially in Europe however also in Asia Pacific,” Deutsche Boerse board member Stephan Leithner said in a statement.Deutsche Boerse anticipates the deal to lead to a low to medium double-digit million euro book gain.UBS anticipates to recognise a post-tax gain of around $35 million and a CET1 capital increase of around $400 million in the 2nd quarter.The transaction is subject to particular closing conditions and is expected to complete in June, it said.Reporting by Michael Shields and Maria Sheahan; Editing by John Revill and Caroline Copley