Moody’s to Acquire Majority Stake in GCR Ratings, Expands Presence in Africa
Moody’s (NYSE:MCO) has agreed to acquire a majority (51%) stake in Global Credit Rating Company (GCR) in Africa with operations spanning the continent, including in South Africa, Nigeria, Senegal, Kenya, and Mauritius.
The terms of the transaction were not disclosed, and it will be funded with cash on hand.
“This transaction will enable us to build on our deep local market insights and a quarter-century of growth across the continent. It will also provide the opportunity to further develop solutions that meet a range of customer needs, including credit ratings, credit risk solutions, and ESG capabilities,” said Marc Joffe, CEO of GCR.
The acquisition is expected to close in Q2 2022 and will not have a material impact on Moody’s 2022 financial results.
Following the transaction, GCR will continue to develop its own rating methodologies, issue its own credit ratings, and maintain a separate management team.
In December 2021, Moody’s acquired two European providers of KYC technology solutions.
Source: Seeking Alpha