ZURICH/BERLIN (Reuters) – Germany’s Deutsche Boerse agreed to buy the remaining 49% stake in fund distribution platform Clearstream Fund Centre (CFC) from UBS Group for 390 million Swiss francs ($427 million), the two companies said on Thursday.

Deutsche Boerse, which had bought 51% of CFC last year, said the transaction would complement previous deals in the investment funds industry, with the acquisitions of Citco Global Securities Services, Swisscanto Funds Centre and Ausmaq.

“We see significant opportunities to further grow the global footprint of this (CFC) business, particularly in Europe but also in Asia Pacific,” Deutsche Boerse board member Stephan Leithner said in a statement.

Deutsche Boerse expects the deal to result in a low to medium double-digit million euro book gain.

UBS expects to recognise a post-tax gain of around $35 million and a CET1 capital increase of around $400 million in the second quarter.

The transaction is subject to certain closing conditions and is expected to complete in June, it said.

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