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Hearst increases equity interest in Fitch Group to 80 per cent

Hearst Corporation will acquire an additional 30 per cent interest in global ratings agency Fitch Group, bringing its equity interest to 80 percent. Fimalac retains a 20 per cent equity interest in Fitch Group. The transaction is valued at US$1.965bn.

Hearst acquired its original interest in Fitch Group in March 2006 and had most recently held 50 percent of the company. The transaction is expected to close in the first quarter of 2015 following receipt of all necessary regulatory approvals.

 

“We believe the credit rating, financial information and risk management services Fitch provides to the global financial community are critical in today's economy," said Steven R. Swartz, president and CEO of Hearst Corporation. “Strategically, Hearst continues to diversify into data and information-based companies while growing its world-class media assets. We are excited to continue to work with Fimalac and Marc Ladreit de Lacharrière to make Fitch Group an even bigger success.”

Hearst is a FIPP member company.

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