Crisil, which closed yesterday at Rs.1788.70, opened stronger today at Rs.1800, going up to Rs.1811.95, a new 52-week high. It has come off the highs and is now hovering at Rs.1804 levels. The stock has been hitting new high consistently for the past one week.
The company announced today morning that its Board has approved acquisition of 100% of the equity share capital of Greenwich Associates LLC and its subsidiaries.
This stake is being bought at a consideration of $40 million, subject to closing adjustments.
The acquisition will be done through CRISIL Limited's 100% subsidiary, CRISIL Irevna US LLC.
Greenwich Associates is a leading provider of proprietary benchmarking data, analytics and qualitative, actionable insights that helps financial services firms worldwide measure and improve business performance. Greenwich, a Stamford, Connecticut-based company, serves over 300 of the top investment banks, corporate banks, commercial banks, asset managers and key players in the market infrastructure space globally. Its FY 2018 consolidated revenue was at $49 million.
Greenwich’s partners and their team of about 150 people globally will join CRISIL when the deal completes.
The deal is likely to close in Q4FY20.