Carlyle-led consortium to acquire financial advisory firm Duff & Phelps for $666.5 mn
31 December 2012
An investor group led by US private equity firm Carlyle Group has agreed to buy financial advisory and investment banking firm Duff & Phelps for $666.5 million in an all-cash deal.
Other members of the consortium include US private equity firm Stone Point Capital LLC and Swiss private banking groups Pictet & Cie and Edmond de Rothschild.
The offer price of $15.55 a share represents 19-per cent premium to the closing price of Duff & Phelps shares on 28 December and 27 per cent over its 30-day volume weighted average share price, Duff & Phelps said in a statement.
Carlyle sees significant growth opportunities for Duff & Phelps due to increasing regulatory demands, implementation of new accounting policies and requirements for increased corporate disclosure and third party validation.
''We will harness Carlyle's and Stone Point's global networks while leveraging Duff & Phelps preeminent brand to foster growth in new geographies,'' managing director and head of Carlyle's global financial services group Olivier Sarkozy said.
''Additionally, we believe the involvement of Pictet and Edmond de Rothschild Group will support the Company's initiatives to enhance its international presence and expand its Limited Partner client base,'' he further said.