NEW YORK - FleetBoston Financial Corp. has entered into a definitive agreement to buy the New York Stock Exchange specialist firm M.J. Meehan & Co. and merge it with Fleet Specialists.
The specialist firm would be renamed Fleet Meehan Specialists and would be the largest such firm on the New York Stock Exchange, as measured by common stock listings.
Terms of the transaction were not disclosed. The deal, subject to regulatory approval, is expected to close in the fourth quarter.
Fleet Meehan Specialists would offer 433 common stocks listed on the Big Board, including 59 of the 250 most active stocks, 8 of the 30 Dow Jones Industrial Average components, and 86 of the Standard & Poor's 500 companies.