12 December 2014
Clifford Chance advises Hearst Corporation on US $2 billion purchase of additional stake in Fitch Group
Clifford Chance is advising Hearst Corporation on its recently-announced agreement to purchase a 30 percent equity stake in Fitch Group, the global ratings agency. The purchase price for the stake is US $1.965 billion, subject to certain adjustments. The transaction, which is expected to close in the first quarter of 2015, will increase Hearst's ownership interest in Fitch to 80 percent. Fimalac S.A., from which Hearst will acquire the additional equity, will retain a 20 percent interest in Fitch. Clifford Chance also advised Hearst on its earlier purchases of shares of Fitch, beginning in 2006.
Hearst Corporation is one of the nation’s largest diversified media and information companies. Fitch Group is a global leader in financial information services with operations in more than 30 countries.
The Clifford Chance lawyers advising Hearst on this transaction are partner John Healy and associate Allison Sherrier, both of the firm's New York M&A practice. A Paris-based Clifford Chance team comprised of partner Thierry Schoen, counsel Katrin Schallenberg and avocat Virginie Vaquette is advising on competition clearance and French law issues.