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Private Investor Consortium to purchase Duff & Phelps for $665.5m

A private investor consortium has entered into an agreement to purchase US-based independent financial advisory and investment banking firm Duff & Phelps for nearly $665.5m.

The consortium comprises controlled affiliates of or funds managed by The Carlyle Group, Stone Point Capital, Pictet & Cie and Edmond de Rothschild Group.

The investor consortium will offer Duff & Phelps $15.55 for each share, representing a 19.2% premium to the closing price as well as 27.3% over its volume weighted average share price during the 30 days ended 28 December 2012. The transaction requires stockholder and regulatory approvals and is likely to complete in the first half of 2013.

Following the completion of transaction, all employees and senior management team will continue to remain with the banking firm.

Duff & Phelps CEO Noah Gottdiener said this transaction is in the best interest of the firm’s stockholders, who will receive an immediate and certain cash premium for their shares.

"Importantly, the transaction will be structured to preserve the firm’s independence as we serve our clients in the future," Gottdiener added.

Duff & Phelps offers services on valuation, transactions, financial restructuring, alternative assets, disputes and taxation, and employs over 1,000 staff and serves clients in North America, Europe and Asia.