State Street (STT) said Tuesday it reached a preliminary deal to purchase a securities services joint venture operating in Brazil, Mexico, and Colombia from Santander Group and CACEIS.

The targeted business manages approximately $470 billion in assets under custody alongside $225 billion in assets under administration, the company said.

State Street intends to keep current regional employees and maintain existing operational licenses to expand its local custody and banking services, with the acquisition expected to close in 2027, State Street said.

Shares of the company were down 1.8% in Tuesday trading.

Price: 181.11, Change: -3.55, Percent Change: -1.92