FIMALAC : Sales of 10% of Fitch Group to Hearst
Following the approval of regulatory and administrative authorities, Fimalac today sold 10% stake in Fitch Group to Hearst Corporation, as announced last February 9. The two partners currently each own a 50% stake in Fitch Group, with Marc Ladreit de Lacharrière continuing to act as Chairman.
As planned, Fimalac received $177 million for the transaction, equal to roughly EUR135 million. The 50% stake owned by Fimalac will now be accounted for by the equity method in the Group's consolidated financial statements, which will show a net capital gain estimated at above EUR80 million.
Hearst Corporation, which is one of the largest multimedia and information companies in the United States, has interests in magazine, newspaper and business publishing, cable networks, television and radio broadcasting, Internet businesses and real estate.
Fimalac is a diversified group organized around three activities. In addition to providing financial services, the Group has significant interests in real estate. It is also developing investments in luxury hotels, leisure and entertainment.
April 11, 2012
The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and other applicable laws; and
(ii) they are solely responsible for the content, accuracy and originality of the
information contained therein.
Source: FIMALAC via Thomson Reuters ONE
- U.S. war veteran released by North Korea returns home |
- Pennsylvania newlyweds "just wanted to murder someone together:" police
- WTO overcomes last minute hitch to reach its first global trade deal
- Ice storm causes blackouts, delays in Texas, Arkansas
- China's parliament: Japan has "no right to criticize" air defense zone