Penson Worldwide to Sell Australian Operation to BNY Mellon's Pershing Unit for AUD $33M - Bank of New York Mellon (NYSE:BK)

27% profits every 20 days?

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Penson Worldwide (NASDAQ: PNSN) and BNY Mellon Company (NYSE: BK) announced today that they have signed a definitive agreement for the acquisition of Penson's Australian subsidiary, Penson Financial Services Australia Pty Ltd (PFSA) in a share purchase transaction for the purchase price of approximately AUD $33 million. PFSA will become an affiliate of Pershing, a BNY Mellon company. Penson will realize a gain of approximately USD $14 million from the sale. The sale is expected to close in the fourth quarter of 2011.

27% profits every 20 days?

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