Fimalac, the French holding company that owns Fitch, has agreed to sell a 20% stake in the credit rating agency to US media group Hearst in a deal worth nearly $600m (€499m).

The $592m value of the stake is based on the $4.4bn enterprise value for Fitch used during the discussions between Fimalac and Hearst.

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Media group Hearst snaps up 20% of Fitch

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