Broadridge to Acquire Matrix Financial (BR)

Broadridge (NYSE: BR) is set to acquire Matrix Financial for $201M in cash according to a report by J.P. Morgan.

In a note to clients, J.P. Morgan writes, "The acquisition is expected to be neutral to earnings in FY11 and ~$0.09 accretive to FY12 non-GAAP EPS ($0.04 accretive to FY12 GAAP EPS), partially helped by low transition costs of <$1M. The transaction has been approved by the boards of both companies and is expected to close by December 31, 2010."

BR closed yesterday at $21.15.