Rating agency Crisil Ltd has acquired EconoMatters Ltd, a London-based energy and gas advisory firm, and its subsidiary companies for over Rs 15 crore (Rs 150 million).
"The board has approved the acquisition of 100 per cent equity of EconoMatters Ltd and its subsidiary companies and the total value of deal is over Rs 15 crore," Crisil managing director R Ravimohan said in Mumbai.
The deal size was around 15 per cent of the company's networth and the entire payment of acquisition would be met out of internally generated resources, Ravimohan added.
The combined revenues of the company and EconoMatters were over $22 million for the last year.
The transaction was subject to relevant statutory approvals. The board of EconoMatters would be reconstituted, he said, adding key people of the London-based energy and gas advisory entity would continue to work with the firm after acquisition, he said.
Following acquisition, EconoMatters would become a subsidiary of Crisil and "we will maintain the status of subsidiaries of EconoMatters as it is for some time," he said.
EconoMatters and its subsidiaries are serving global companies, multilateral agencies and leading international banks, he added.
Ravimohan, Hemant Joshi and Rupa Kudwa (the latter two are executive directors at Crisil) would join the EconoMatters board; the chairperson of the board would be Clare
Spottiswoode.
Crisil executive director Hemant Joshi said, "Our strategy will be to grow business of EconoMatters and its subsidiaries including Gas Matters Ltd and Overview Conferences Ltd and to capture the emerging opportunities in the gas business."
Clare Spottiwoode, chairperson designate of EconoMatters, said, "This is a good deal for all stakeholders, particularly customers. Our global expertise, blended with Crisil's depth of talent and financial resources, should propel this combine to a global leadership position."
EconoMatter co-founder James Ball said: "The synergy of cultures, outlooks and experience mean that we can serve existing customers better and keep pace with new geopolitical business models as they emerge."