UPDATE: I’m hearing the deal is >$100M.

PNC just acquired StatementOne Albridge. I hope it works out better for their clients than Techfi’s acquisition did.

From the press release:

The PNC Financial Services Group, Inc. (NYSE: PNC) announced today it has signed a definitive agreement to acquire Lawrenceville, N.J.- based Albridge Solutions Inc., a provider of portfolio accounting and enterprise wealth management services. Through relationships with 150 financial institutions and more than 100,000 financial advisors with assets under management that exceed $1 trillion, Albridge delivers an aggregate, single view of clients’ assets along with robust performance reporting and analysis. Albridge will increase the offerings of PFPC Worldwide Inc., PNC’s provider of global investment services.

The deal amount wasn’t disclosed although I heard it may be soon. I believe they were valuing themselves in the $60-70M range around the time Techfi was acquired. They’re waiting on SEC approval which implies the amount is north of $50M.

Financial terms of the agreement were not disclosed. Subject to normal closing conditions and appropriate regulatory approvals, the acquisition is expected to close before the end of the first quarter of 2008. The acquisition is expected to be minimally dilutive in 2008 and turning accretive in 2009.

“Minimally dilutive” means Albridge is being valued at a slightly lower P/E than PNC’s current P/E of 13.72. From that we can infer Albridge got a good deal and PNC paid a premium.