(Adds background, financial and legal advisers)
Nov 1 (Reuters) - Private equity firm Permira Funds said on Wednesday it would buy corporate finance adviser Duff & Phelps for $1.75 billion to tap the growing demand for advisory services as regulators push for improved corporate practices.
U.S. regulators have tightened the noose on companies’ accounting and corporate practices since the 2009 financial crisis. The recent accounts scandal at Wells Fargo and a data breach at Equifax have revived calls for stricter scrutiny.
“Companies of all sizes and across all industries demand sound, objective and independent counsel to help them execute their most important business decisions,” said Nic Volpi, Partner at Permira.
The deal, Permira’s first financial services investment in the United States, is expected to close in the first quarter of 2018.
Carlyle Group and Neuberger Berman are among those selling stake in Duff & Phelps, which was founded in 1932 as an investment research firm. (reut.rs/2h2QApZ)
UBS Investment Bank, Permira’s financial adviser, provided financing for the deal. Skadden, Arps, Slate, Meagher & Flom was the legal adviser.
Duff & Phelps was advised by Evercore, while Kirkland & Ellis and Morgan, Lewis & Bockius were the legal advisers. (Reporting By Aparajita Saxena in Bengaluru; Editing by Saumyadeb Chakrabarty)