Duff & Phelps to acquire American Appraisal
Duff & Phelps Corporation, the premier global valuation and corporate finance advisor, today announced that it has signed a definitive agreement to acquire American Appraisal Associates, Inc., a global full-service valuation and fixed asset management advisor. The transaction bolsters Duff & Phelps’ world-class valuation capabilities, adding professionals in more than 50 offices globally. As a result, Duff & Phelps will significantly expand its geographic footprint in Europe and Asia.
Noah Gottdiener, chief executive officer, Duff & Phelps’ said: “The American Appraisal acquisition represents an important milestone for Duff & Phelps. We are bringing together firms that, collectively, possess more than two centuries of experience providing superior client service and insight to boards of directors, senior management teams and finance professionals around the world. American Appraisal’s established leadership in valuation and fixed asset management advisory services–which includes serving 85% of the Fortune 500–aligns seamlessly with our valuation expertise. Clients will benefit from a combined valuation practice spanning every asset class, offered in dozens of markets around the world, and delivered with independence and technical rigor. I welcome the American Appraisal team to Duff & Phelps, and look forward to combining these two great companies.”
Joseph Zvesper, American Appraisal’s Chairman and CEO, said: “Enterprises are increasingly accountable for reporting transparent valuations to regulators, investors and other stakeholders. The combination of our two companies creates a global powerhouse with the experienced professionals, independence and integrity that clients can rely on to satisfy this important commitment. I, and my colleagues, look forward to working with the Duff & Phelps team on integration efforts, and to ensuring our employees and clients maximize the benefits this transaction provides.”
Also included in the transaction is American Appraisal’s Real Estate Advisory Group (REAG), a leading real estate advisor with principal operations in Europe. The transaction, financial terms of which were not disclosed, is expected to close during the first quarter of 2015. Kirkland & Ellis acted as legal advisor to Duff & Phelps and Foley & Lardner acted as legal advisor to American Appraisal.
