DUFF & PHELPS acquired by THE CARLYLE GROUP, STONE POINT CAPITAL & PICTET & CIE

Duff & Phelps Corporation is being acquired by a consortium comprising controlled affiliates of The Carlyle Group, Stone Point Capital, Pictet & Cie and Edmond de Rothschild Group. The merger agreement was signed in early 2013, includes a go‑shop period for alternative proposals, and requires approval from shareholders and regulators before closing in the first half of the year. The transaction follows a board recommendation after a review by an independent committee and includes provisions for a break‑up fee and continuation of dividend policy prior to closing. The consortium views the acquisition as a platform to capitalize on heightened regulatory scrutiny and evolving accounting standards that increase demand for independent valuation and advisory services. By leveraging its global networks, the buyers intend to expand Duff & Phelps' geographic coverage, deepen its limited partner relationships, and cross‑sell ancillary asset‑management capabilities. The strategic plan emphasizes preserving the firm’s brand independence while integrating back‑office functions to achieve cost efficiencies. Post‑closing, the existing senior management team will retain employment and equity participation, supporting continuity of client relationships and facilitating the rollout of new service lines in emerging markets. The combined entity is expected to increase market share in high‑growth advisory segments, enhance pricing power, and deliver incremental fee revenue through expanded client outreach.