Hearst has purchased from Fimalac an additional 20 percent interest in global financial information services company Fitch Group, bringing Hearst's equity interest to 100 percent.
The transaction is valued at $2.8 billion. Hearst acquired its original interest in Fitch Group in 2006, and increased its holdings to 80 percent in 2015.
Fitch Group, with headquarters in New York and London, is made up of three core businesses, Fitch Ratings, Fitch Solutions and Fitch Learning and provides international insight and analysis.
"With this purchase, Fitch Group becomes Hearst's largest wholly-owned business," said Hearst President and CEO Steven R. Swartz. "Fitch CEO Paul Taylor has built a great team that has delivered impressive growth in the ratings and information services businesses. We have had an excellent partnership with Fimalac S.A. and its leader and founder, Marc Ladreit de Lacharriere."
Fitch Group has expanded revenue streams, with more than 20 percent of the company’s revenue in recent years coming from data products outside of ratings, according to Hearst.
Taylor joined Fitch Group in 2000 and was appointed president of Fitch Ratings in 2010. He currently serves as president, chief executive officer and group head of Fitch Group and is a senior vice president of Hearst.