July 24, 2009
Hearst Corp. is buying an additional 20 percent stake in Fitch Group for $427 million.
Fitch's parent, French financial services firm Fimalac S.A., said Friday that Hearst's stake in Fitch will stand at 40 percent after the transaction closes. Hearst bought the first 20 percent of Fitch in March 2006.
The deal, which awaits the approval of the Hearst board, is expected to close this fall.
Fitch Group comprises credit ratings agency Fitch Ratings and Algorithmics, an enterprise risk management company. It also owns Fitch Solutions, which distributes Fitch Ratings products and provides data, analytics and other services.