Rating agency Crisil Ltd on Friday said it will acquire proprietary benchmarking data provider Greenwich Associates LLC and its subsidiaries, at a consideration of USD 40 million (around Rs 284.3 crore).
In a regulatory filing the company said that it has received board of directors approval for the acquisition of Greenwich Associates LLC and its subsidiaries.
The subsidiaries of Greenwich Associates LLC are Greenwich Associates International LLC, Greenwich Associates Singapore PTE Ltd, Greenwich Associates Japan K K, Greenwich Associates Canada ULC, Greenwich Associates UK (Holdings) Ltd, and Greenwich Associates UK Ltd, it said.
The acquisition will be done through Crisil Ltd's 100 per cent subsidiary, Crisil Irevna US LLC, the filing added.
"The acquisition will complement Crisil's existing portfolio of products and expand offerings to new segments across financial services including commercial banks and asset and wealth managers," it said.
The acquisition is subject to regulatory approvals as applicable and meeting other customary closing conditions.
The buyout is expected to be completed by the first quarter of calendar year 2020, it said.
"We are very excited about bringing the two trusted brands together, and Greenwich's rich data sets will augment Coalition's proprietary data, enabling unique analytics and insights," Crisil Managing Director and CEO Ashu Suyash said.
Greenwich Associates is a leading provider of proprietary benchmarking data, analytics and qualitative, actionable insights that helps financial services firms worldwide measure and improve business performance.
The shares of Crisil Ltd were trading at Rs 1,806.45, up 0.99 percent on BSE in the morning trade.