Canadian credit-rating firm DBRS has agreed to be acquired by U.S. rival Morningstar Credit Ratings in a $669 million transaction.
Morningstar Credit expects the deal to extend its global asset coverage and provide its investors with an enhanced platform for fixed-income analysis and research.
The company added that the acquisition will also round out its fixed-income product portfolio in the U.S. market by bringing to the table its leadership in asset-backed securities and financial institution ratings.
As part of the move, DBRS’s employees working in seven locations will continue to operate under its existing management team. The transaction is expected to close in the third quarter of 2019, pending regulatory approval.