Carlyle, Warburg Pincus to sell DBRS to Morningstar for $904 mln
Morningstar Inc (Nasdaq: MORN) has agreed to acquire DBRS, a Toronto-based credit ratings agency, for about $904 million (US$669 million). The sellers include U.S. private equity firms Carlyle Group and Warburg Pincus, which acquired DBRS in 2014, reportedly for more than US$500 million. Founded in 1976 by Walter Schroeder, DBRS rates more than 2,400 issuer families and nearly 50,000 securities. Morningstar, a Chicago-based investment research business, said the acquisition will grow its asset class coverage and provide an enhanced platform for fixed-income analysis and research. With the deal's closing, expected in Q3 2019, DBRS will continue to be led by its existing management team.
30 May 2019•5 mins read
