The Carlyle Group and Warburg Pincus have agreed to acquire the global credit ratings agency DBRS.
Terms of the transaction were not disclosed in a Monday press release. The deal is expected to close in the first quarter of 2015.
Among the bonds DBRS rates in the United States and Canada are residential and commercial mortgage-backed securities.
Walter Schroeder, founder and controlling shareholder of Toronto-based DBRS, will remain an investor when this deal is completed, the release said.
“While our Canadian franchise and culture will continue to be at the core of DBRS’ operations, the breadth and depth of both Warburg Pincus and Carlyle’s international presence will be invaluable to DBRS as it seeks to capitalize upon its growing platforms in the U.S. and Europe,” Schroeder said.
DBRS was advised by Perella Weinberg Partners, while Torys LLP was legal counsel. The Carlyle Group and Warburg Pincus were both advised by CIBC World Markets, and legal advisors were Wachtell, Lipton, Rosen and Katz and Sikeman Elliott.