Duff & Phelps to be acquired by consortium
A consortium of buyers will acquire investment banking firm Duff & Phelps.
Financial services and investment banking firm Duff & Phelps has said it has agreed to be acquired by a consortium group after negotiating contracts and coming to a decision yesterday (December 30th).
The deal will be worth $665.5 million (£411.7 million) and means shareholders should receive $15.55 per share.
Duff & Phelps was founded in 1932 and is still based in New York, where it has more than 1,000 employees.
The consortium includes Carlyle Group, Stone Point Capital LLC, Edmond de Rothschild Group and Pictet & Cie and none of the buyers will own more than 35 per cent of the company once the deal is completed.
It is thought this will happen during the first six months of 2013.
Chief executive of Duff & Phelps Noah Gottdiener said the board "agrees that this transaction is in the best interest of our stockholders, who will receive an immediate and certain cash premium for their shares".