AST to Acquire D.F. King & Co., Inc.
American Stock Transfer & Trust Company, LLC (AST), announced today that its affiliate, AST Fund Solutions, LLC has entered into a definitive agreement to purchase D.F. King & Co., Inc. and its operating businesses (D.F. King). When the transaction is finalized, the combined company will be the leading issuer and shareholder services firm across Europe and North America.
D.F. King, a market leader for issuer and shareholder services for over 70 years, will be integrated and operate immediately with ASTOne™, a division of AST that offers a comprehensive array of proxy solicitation, ownership intelligence and corporate governance services. The combined business will offer the broadest array of specialized advisory services, including proxy solicitation, corporate governance, proxy contests and corporate actions.
“Expanding our capability and presence in Europe through this transaction should indicate to our clients that we are committed to delivering world-class service to our clients,” said President and Chief Executive Officer of AST Mark C. Healy. “With continued focus on the rapidly growing needs of this sector, this acquisition further advances our strategy to provide the most comprehensive offering to our clients with industry-leading innovation, client service and scale.”
“This transaction combines the complementary strengths and expertise of our respective businesses and will have a material positive impact on the European issuer and shareholder services industry,” said John Bibas, Managing Director of D.F. King (Europe).
In addition to proxy solicitation and corporate governance advisory services, AST provides clients with a full range of issuer and shareholder services, including registrar and stock transfer, proxy solicitation, equity plan administration, corporate actions, asset recovery, ownership intelligence and investment management.
“Expanding our business capabilities with the acquisition of D.F. King is a sign of our commitment to this business and, more importantly, our clients,” comments Paul Torre, Executive Vice President of ASTOne. “Uniting the expansive knowledge and reputable market presence of these two entities provides a powerful service offering to the industry, demonstrating AST’s dedication to innovative solutions.”
As both companies are privately held, terms of the acquisition are not being disclosed. The transaction is expected to close within 30 days after the signing.
About AST
AST and its affiliates in the Link Group network are leading providers of registry services and technology to financial market participants around the globe. AST and its affiliate, CST Trust Company (CST), form the North American division of the Link Group. Together AST and CST provide comprehensive stock transfer and employee plan services to more than 8,000 public issues and over 5.5 million shareholders. The division serves clients located throughout North America and in over 22 foreign countries, ranging in size from initial public offerings to Fortune 100 companies.
About ASTOne™
ASTOne integrates the expertise of AST Fund Solutions, AST Phoenix Advisors and AST Ownership Intelligence through a comprehensive proxy solicitation, investor relations and corporate governance consulting service offering. AST is the only transfer agent providing issuers with these integrated services at an operational level.
About D.F. King & Co., Inc.
Founded in 1942, D.F. King boasts industry-recognized expertise in proxy contests, tender offers and exchange offers for corporate control. For over 70 years, D.F. King has been one of the leading and most trusted providers of proxy and other stakeholder services in the U.S. Today, we are one of the leading proxy solicitation providers in the mutual fund industry.