Hearst to up stake in Fitch to 50%

MUMBAI: Fimalac, the French parent company of global ratings agency Fitch Group, has announced it will sell media company Hearst an additional 10 per cent interest in Fitch, bringing Hearst?s equity interest to 50 per cent.

The transaction is valued at $177 million. Hearst acquired its original interest in Fitch from Fimalac, a public company, in March 2006. The transaction is expected to close in the first quarter of this year after receipt of all necessary regulatory approvals.

Hearst CEO Frank A Bennack Jr. said, "The acquisition of an additional 10 percent interest in Fitch demonstrates our confidence in the company and in its future growth. We look forward to becoming an equal partner with Fimalac in this important worldwide business."

Fitch Ratings is a global rating agency committed to providing the world?s credit markets with accurate, timely and prospective credit opinions. Fitch also includes Fitch Solutions, a distribution channel for Fitch Ratings products and a provider of data, analytics, and related services.