REALCESSALGOAFimalac announces that Fitch Group has completed the sale of its subsidiary Algorithmics to IBM. Fimalac announced a definitive agreement to sell Algorithmics on 1 September 2011.
The combination of Algorithmics' enterprise risk solutions with IBM's analytics business will present new growth opportunities for Algorithmics in a sector that has become increasingly competitive.
Pursuant to the sale, Fitch Group received a cash payment of $380.2 million. The total tax cost basis of this subsidiary at the Fitch Group level is estimated at around $90 million.
Paris - 21 October 2011