Board of CRISIL approves acquisition of Greenwich Associates LLC and its subsidiaries

At meeting held on 19 December 2019

The Board of CRISIL at its meeting held on 19 December 2019 has approved acquisition of 100% of the equity share capital of Greenwich Associates LLC and its subsidiaries, at a consideration of USO 40 million, subject to closing adjustments. The acquisition will be done through CRISIL's 100% subsidiary, CRISIL Irevna US LLC.

Greenwich Associates is a leading provider of proprietary benchmarking data, analytics and qualitative, actionable insights that helps financial services firms worldwide measure and improve business performance. Greenwich, a Stamford, Connecticut-based company, serves over 300 of the top investment banks, corporate banks, commercial banks, asset managers and key players in the market infrastructure space globally.

Greenwich Associates' businesses acquired by CRISIL had consolidated revenues from operations of USD 54 million in F.Y. 2016, USD 45 million in F.Y. 2017 and USD 49 million in FY 2018.

The acquisition will complement CRISIL' s existing portfolio of products and expand offerings to new segments across financial services including commercial banks and asset and wealth managers. The deal will accelerate CRISIL's strategy to be the leading player in the growing market of global benchmarking analytics.

The acquisition is expected to be completed by the first quarter of the calendar year 2020, subject to extensions as necessary for completion of actions at 5 above.

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