Broadridge Financial Solutions to be acquired by Sequium Asset Solutions
Broadridge’s financial solutions group is to be sold to Sequium, which is focused on the healthcare and technology sectors, the Wall Street Journal reported on Thursday.
Sequium plans to purchase the company for $13.4 billion in cash and stock, the paper said.
Broadridge is owned by a group of investors including Bain Capital, General Electric, and private equity firm Cerberus Capital Management.
The transaction is expected to close in the first quarter of 2018, the Journal said.
The deal will create Sequium’s second largest asset management business.
Sequii will be headquartered in Palo Alto, California.
The company was founded in 2009 by David Sarnoff, who previously served as CEO of Sequoia Capital.
Sequi will provide Broadridge with financial solutions to help the company grow and succeed, the report said.
Sequior will continue to operate Broadridge, the company said.
“Sequior’s core business is helping Broadridge to grow and grow successfully, and we look forward to working with them to build on their success,” the Broadridge statement said.