Global Investor Consortium’s $4.2 Billion Acquisition of Duff & Phelps

Kirkland & Ellis acted as legal advisor to Duff & Phelps. Simpson Thacher & Bartlett LLP and White & Case LLP acted as legal advisors to the investor consortium. Skadden, Arps, Slate, Meagher & Flom LLP acted as legal advisor to Permira. Weil, Gotshal & Manges LLP acted as legal advisor to the lenders.

A global investor consortium led by funds managed by Stone Point Capital and Further Global has agreed to acquire Duff & Phelps for $4.2 billion.

The equity sellers include the Permira funds, which will continue to hold a significant stake in the company as part of the consortium. As part of the transaction, the Duff & Phelps management team will maintain a meaningful equity stake in the firm and continue to lead the company.

The transaction is subject to customary closing conditions and is expected to close in the second quarter of 2020.

The investor consortium has received committed financing, which will be led by Goldman Sachs & Co. LLC.

Duff & Phelps advises clients in the areas of valuation, corporate finance, investigations, disputes, cybersecurity, compliance and regulatory matters, and other governance-related issues.

Stone Point Capital is a financial services-focused private equity firm that has raised and managed eight private equity funds with aggregate committed capital of more than $25 billion.

Founded in 2017, Further Global Capital Management is an employee-owned private equity firm that makes investments in businesses within the financial services industry. Further Global has raised over $1.2 billion of cumulative committed and invested capital.

Founded in 1985, Permira is a global investment firm, which advises funds with total committed capital of approximately US$48bn (€44bn) and makes long-term investments.

UBS Investment Bank, Goldman Sachs & Co. LLC and Evercore acted as financial advisors to Duff & Phelps.

The Simpson Thacher team includes Gary Horowitz, Elizabeth Cooper, Matt Rogers, Johanna Mayer, Jeff Levine and Michael Ratay (M&A); David Rubinsky, Patricia Adams and Alan Fenyes (Executive Compensation and Employee Benefits); Robert Holo and Joseph Tootle (Tax); and Lori Lesser and Corina McIntyre (Intellectual Property).

The Kirkland team was led by transactional partner Michael Paley and associates Katherine Bryan, Tal Maman and Will Lawley; and tax partner Dean Shulman and associate Vivek Ratnam.

The Skadden team included M&A partners Allison Schneirov (New York) and Christopher Barlow (New York), and associateBrett Fleisher (New York); Banking partner Kristine Dunn (Los Angeles) and counsel Leila Sayegh (Los Angeles); Capital Markets partner Laura Kaufmann Belkhayat (New York); Tax partner Gavin White (New York); Executive Compensation and Benefits partner Joseph Penko (New York); Antitrust partners Maria Raptis (New York) and Andrew Foster (Hong Kong); and Regulatory counsel Azad Ali (London).

Involved fees earner: Katherine Bryan – Kirkland & Ellis; Will Lawley – Kirkland & Ellis; Tal Maman – Kirkland & Ellis; Michael Paley – Kirkland & Ellis; Vivek Ratnam – Kirkland & Ellis; Dean Shulman – Kirkland & Ellis; Patricia Adams – Simpson Thacher & Bartlett; Elizabeth Cooper – Simpson Thacher & Bartlett; Alan Fenyes – Simpson Thacher & Bartlett; Robert Holo – Simpson Thacher & Bartlett; Gary Horowitz – Simpson Thacher & Bartlett; Lori Lesser – Simpson Thacher & Bartlett; Jeffrey Levine – Simpson Thacher & Bartlett; Johanna Mayer – Simpson Thacher & Bartlett; Corina McIntyre – Simpson Thacher & Bartlett; Michael Ratay – Simpson Thacher & Bartlett; Matthew Rogers – Simpson Thacher & Bartlett; David Rubinsky – Simpson Thacher & Bartlett; Joseph Tootle – Simpson Thacher & Bartlett; Azad Ali – Skadden Arps Slate Meager & Flom; Christopher Barlow – Skadden Arps Slate Meager & Flom; Kristine Dunn – Skadden Arps Slate Meager & Flom; Brett Fleisher – Skadden Arps Slate Meager & Flom; Andrew Foster – Skadden Arps Slate Meager & Flom; Laura Kaufmann Belkhayat – Skadden Arps Slate Meager & Flom; Joseph Penko – Skadden Arps Slate Meager & Flom; Maria Raptis – Skadden Arps Slate Meager & Flom; Leila Sayegh – Skadden Arps Slate Meager & Flom; Allison Schneirov – Skadden Arps Slate Meager & Flom; Gavin White – Skadden Arps Slate Meager & Flom;

Law Firms: Kirkland & Ellis; Simpson Thacher & Bartlett; Skadden Arps Slate Meager & Flom;

Clients: Duff & Phelps; Further Global Capital Management, L.P.; Permira; Stone Point Capital LLC;