Earlier this month, Black Book and Fitch Ratings released their latest collaborate project analyzing vehicle depreciation trends, as well as how the auto ABS market might behave.
Now, both of those companies are completely under the same corporate umbrella.
Hearst announced on Thursday that it has purchased from Fimalac S.A. an additional 20 percent interest in global financial information services company Fitch Group, bringing Hearst’s equity interest to 100 percent. The transaction is valued at $2.8 billion.
Hearst acquired its original interest in Fitch Group in 2006, and increased its holdings to 80 percent in 2015.
Fitch Group — comprised of the three core businesses of Fitch Ratings, Fitch Solutions and Fitch Learning — is an international leader in the financial services industry. Fitch provides key insights and analysis, which are critical to the global financial community and today’s ever-changing economy.
And Black Book has been a significant part of the Hearst portfolio for some time, as well.
“With this purchase, Fitch Group becomes Hearst’s largest wholly-owned business,” Hearst president and chief executive Steven Swartz said. “Fitch CEO Paul Taylor has built a great team that has delivered impressive growth in the ratings and information services businesses.
“We have had an excellent partnership with Fimalac S.A. and its leader and founder, Marc Ladreit de Lacharrière. We now look forward to Fitch’s continued success as a wholly-owned Hearst property,” Swartz went on to say.
Fitch Group has expanded revenue streams, with more than 20 percent of the company’s revenue in recent years coming from data products outside of ratings.
“Hearst and Fitch share a commitment to innovation and helping clients utilize information to make smarter decisions,” Taylor said. “We are excited to continue growing Fitch’s ratings, solutions and learning services businesses, and to work even more closely with colleagues across Hearst’s divisions.”
Taylor joined Fitch Group in 2000 and was appointed president of Fitch Ratings in 2010. He currently serves as president, chief executive officer and group head of Fitch Group and is a senior vice president of Hearst.