Carlyle-led consortium buys Duff & Phelps for $670m

Abu Dhabi-backed asset management firm leads deal for financial advisory group

Carlyle Group CEO David Rubenstein.

Carlyle Group CEO David Rubenstein.

A consortium led by Abu Dhabi-backed asset management firm Carlyle Group has acquired US financial advisory Duff & Phelps for $665.5m in an all-cash transaction.

The purchasing group also includes Stone Point Capital, Pictet & Cie, and funds managed by Edmond de Rothschild Group.

The transaction was approved by Duff & Phelps stock holders at a special meeting of stock holders on April 22. Under the terms of the agreement, Duff & Phelps Class A stock holders are entitled to receive $15.55 per share of Class A common stock in cash without interest.

Duff & Phelps’ shares will no longer be listed on the New York Stock Exchange following the deal. Duff & Phelps was advised by Centerview Partners and Kirkland & Ellis, while the buying consortium was advised by firms including Credit Suisse, Barclays, RBC Capital Markets and Sandler O’Neill + Partners.

Duff & Phelps, which employs more than 1,000 people, provides services relating to valuation, mergers and acquisitions, restructuring and alternative asset advisory.

Mubadala Development Company, an investment vehicle owned by the government of Abu Dhabi, holds a stake of approximately 7.5 percent in Carlyle.

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