BNY Mellon is to acquire PNC Global Investment Servicing (GIS) for $2.31 billion.

The bank said the purchase price included $1.57 billion of stock and repayment of intercompany debt from PNC. BNY Mellon plans to raise about $800 million in stock as part of the deal.

The acquisition will strengthen BNY Mellon’s market position in a number of areas and add scale to its growth business. It will add $855 billion in assets under administration including $460 billion in assets under custody, doubling the number of funds serviced for accounting and administration. It will also increase managed account assets to $80 billion.

The all-cash acquisition, which will be accretive in the first year, is expected to close in the third quarter of 2010 subject to necessary regulatory approvals.

GIS’s current CEO Stephen Wynne will remain in that role, reporting to Tim Keaney and Jim Palermo, co-heads of BNY Mellon Asset Servicing.