Bank of New York Co. said Tuesday that it has agreed to acquire J.P. Morgan & Co.'s $800 billion-asset global custody business for an undisclosed sum. Analysts estimated the deal could be worth as much as $400 million.

The transaction covers Morgan's securities lending and custody business in the United States and the United Kingdom, and will further boost Bank of New York's position as one of the leading players in securities custody, with some $2.8 trillion in securities under administration.

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