The Fitch Group announced its intention Thursday to acquire CreditSights, Inc., a provider of independent credit research.
CreditSights and The Fitch Group, which includes Fitch Ratings, announced the deal in a statement and the deal’s terms are not being announced. Consummation is contingent on regulatory approvals and “customary closing conditions,” according to CreditSights.
CreditSights has over 200 full-time employees. It is based in New York City and has offices in London, Singapore, and Denver. It is a “provider of subscription-based, independent credit research, risk tools and comprehensive market insights to finance professionals,” according to CreditSights.
CreditSights will become part of the Fitch Solutions division, which provides credit and macro intelligence to its clients.
“The acquisition will provide a unique opportunity to create enhanced offerings for the benefit of both Fitch’s and CreditSights’ customers, increasing information and transparency in the global capital markets,” said Paul Taylor, chief executive officer of the Fitch Group.
“Twenty years after we founded Credit Sights, I am excited for this next chapter for the firm and for us to be an integral part of Fitch Solutions,” CreditSights Chief Executive Officer Peter Petras said. “The combination of our best-in-class research with Fitch Solutions’ businesses will allow us to enhance the solutions we can offer and expand the ways we can partner with our clients.”
The acquisition follows other recent financial industry consolidations of larger sizes. In late November S&P Global announced plans to purchase analytics specialist IHS Markit for $44 billion. On Wednesday European Union regulators approved the London Stock Exchange’s $27 billion offer for financial data and infrastructure provider Refinitiv.