Equiniti completes acquisition of Wells Fargo shareowner division

Payment solutions firm Equiniti Group completed its acquisition of US-bank Wells Fargo's Shareowner Services (WFSS) business on Thursday, noting that integration was set to begin immediately.

Equiniti announced that after taking extensive preparation since the initial transaction announcement back in July 2017 it was now ready to fully merge the new unit into the wider group.

The West Sussex-based company plans to deploy its Sirius technology into the US market over the coming months after it had been "received with enthusiasm and support" from major WFSS clients and transferring staff.

Guy Wakeley, chief executive, said, "Today marks a significant step for Equiniti, transforming it into a multinational financial services and technology business with scale presence in the US, the world's largest, most active and consolidated share registration market."

"We are delighted to welcome WFSS to the Group, and we are looking forward to working with our new colleagues, new customers and new partners in the US market," he added.

As of 0840 GMT, shares had edged forward 1.29% to 274.50p.