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