Mubasher: Morgan Stanley on Monday said that it reached an agreement to buy Solium Capital in a deal with an equity value of CAD 1.1 billion Canadian dollars (CAD) ($900 million).

The US bank will pay CAD 19.15 per Solium share in cash, a 43% premium over Friday's closing price,

This would provide the US bank control of the provider of the software-as-a-service (SAAS) for equity administration, financing reporting and compliance.

The deal is set to close in the second quarter and to have a minimal impact on Morgan Stanley’s earnings and capital ratios.

“With this acquisition, Morgan Stanley is positioned to be an industry leader in Workplace Wealth Solutions, bringing together a major stock plan administration platform with a leading Wealth Management business,” Morgan Stanley said in a statement.