Deutsche Boerse to Buy 80% Stake in Proxy Adviser ISS From Genstar
November 17 2020 - 2:35PM
Dow Jones News
By Colin Kellaher
Deutsche Boerse AG on Tuesday said it agreed to buy a roughly
80% stake in Institutional Shareholder Services Inc. in a deal that
values the proxy-advisory firm at $2.275 billion.
The German stock-exchange operator said private-equity firm
Genstar Capital LLC and current ISS management will retain a stake
of about 20% in the Rockville, Md., company.
Deutsche Boerse said it will finance the acquisition, which it
expects to complete in the first half of 2021, with cash on hand
and the issuance of about 1 billion euros (US$1.19 billion) of
debt.
Genstar is the second private-equity firm to reap a handsome
profit on ISS in the last few years. The San Francisco firm teamed
with ISS management in 2017 to buy the proxy adviser for $720
million from Vestar Capital Partners, which originally acquired ISS
in 2014 for around $364 million, including debt.
Write to Colin Kellaher at colin.kellaher@wsj.com
(END) Dow Jones Newswires
November 17, 2020 14:20 ET (19:20 GMT)
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