Let’s Play Monopoly; State Street (NYSE: STT) to Acquire Mizuho Financial Group’s Global Custody Business

State Street Corporation (NYSE: STT) and Mizuho Financial Group, Inc. (President & Group CEO: Masahiro Kihara) today announced they have entered into an agreement for State Street to acquire Mizuho’s global custody and related businesses outside of Japan. These businesses support the overseas investments of Mizuho’s Japanese clients.

Mizuho currently operates its global custody and related business outside of Japan through its local subsidiaries Mizuho Trust & Banking (Luxembourg) S.A., owned by Mizuho Trust & Banking Co., Ltd., and Mizuho Bank (USA), a wholly owned subsidiary of Mizuho Bank, Ltd. Both of these entities represent combined assets under custody of approximately US$580 billion and US$24 billion in assets under administration1.

After this transaction, Mizuho will leverage its expertise and network as one of Japan’s largest financial institutions to continue providing Japanese clients with trust and custody services for their domestic assets and will collaborate with State Street for global custody and related services.

“Japan, Luxembourg and the United States are all important markets to State Street. This transaction demonstrates our strong commitment to further accelerating our growth in these markets,” said Stefan Gmür, head of Asia Pacific and head of Strategic Business Growth at State Street. “Mizuho’s decision to entrust State Street with their valued clients affirms their confidence in our high-quality client service, industry-leading capabilities and commitment to product innovation and technology investment. With 35 years of experience on the ground in both Japan and Luxembourg, and our long history in the United States, State Street is well positioned to support Mizuho clients’ global growth and business transformation.”

“In today’s increasingly complex investment landscape, clients require global custody providers with significant scale and expertise,” said Tsutomu Yamamoto, senior executive officer, head of Global Transaction Banking Unit at Mizuho. “After careful consideration, we have decided to transfer our global custody business to State Street, a recognized leader with a long-established presence in Japan. This strategic move will ensure our clients benefit from State Street’s global platform and deep expertise.”

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CompoSecure Completes Spin-Off of Resolute Holdings

CompoSecure, Inc. (Nasdaq: CMPO) (“CompoSecure”), a leader in metal payment cards, security, and authentication solutions, today announced the completion of the spin-off of its subsidiary, Resolute Holdings Management, Inc. (Nasdaq: RHLD) (“Resolute Holdings”), into a separate public company, effective 12:01 a.m. Eastern Standard Time on February 28, 2025.

Under the terms of the separation, each stockholder of record who held CompoSecure common stock as of the close of business on February 20, 2025, the record date for the distribution, received one share of Resolute Holdings common stock for every twelve shares of CompoSecure common stock held on the record date. Cash will be paid in lieu of fractional shares.

The distribution of shares in Resolute Holdings will give rise to a taxable gain to CompoSecure and will be treated as a taxable dividend to all existing CompoSecure shareholders for U.S. federal and applicable state and local tax purposes.

Resolute Holdings common stock will begin trading today on Nasdaq under the ticker symbol “RHLD.” CompoSecure common stock will continue to trade on the Nasdaq under the ticker symbol “CMPO.”

Goldman Sachs & Co. LLC is serving as financial advisor to CompoSecure, and Paul, Weiss, Rifkind, Wharton & Garrison LLP is serving as legal advisor.