Moody’s acquires KMV for $210 million
KMV, a leading provider of market-based, quantitative credit risk management tools, is expected to make revenues of $60 million this year and have a 10% pre-tax cashflow margin. Moody’s said pro forma 2002 earnings for the combined KMV/MRMS unit would be around $100 million for the year. The company added that earnings-per-share for 2002 and 2003 would be slightly diluted due to the acquisition – after stripping out the one-off charge – due to cash earmarked for new products and market development.
KMV president and chief operating officer Peter Crosbie will become president and chief executive of the combined business, while KMV founders Andrew McQuown and Oldrich Vasicek will continue working at KMV/MRMS, Moody’s said in a statement.
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