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Private Equity

Permira-backed company to buy Duff & Phelps for $1.75 billion

Private equity firm Permira, through a portfolio company backed by its funds, has agreed to buy global valuation and corporate finance adviser Duff & Phelps for $1.75 billion, said a news release Wednesday.

The sellers include Carlyle Group, Neuberger Berman, University of California's Office of the Chief Investment Officer of the Regents and Pictet & Cie.

As part of the transaction, Duff & Phelps' management team will maintain "a significant equity stake in the firm" and will continue to lead the company in their current roles, according to the release.

In 2013, a group of investors led by Carlyle — which at the time included Pictet & Cie, Stone Point Capital and Edmond de Rothschild Group – bought Duff & Phelps for $665.5 million.

The transaction, which is subject to customary conditions, is expected to close in the first quarter of 2018.

Duff & Phelps was advised by Evercore and received legal counsel from Kirkland & Ellis and Morgan, Lewis & Bockius. Permira's adviser was UBS Investment Bank; Skadden, Arps, Slate, Meagher & Flom was legal counsel.

Wachtell, Lipton, Rosen & Katz was legal counsel to Carlyle, Neuberger Berman and the University of California.

Further information could not be learned by press time; Carlyle spokeswoman Elizabeth Gill and Permira spokeswoman Noemie de Andia could not be immediately reached for comment.