NEW YORK (AP) — Moody's will buy the remainder of research and analytics company Copal Amba that it does not already own and raised its profit expectations for the year.
The credit ratings agency formed Copal Amba after it bought Copal Partners and Amba Investment Services in 2013. It already owned a majority stake in the business, which provides business intelligence for the financial and corporate sectors.
Moody's did not disclose the price of the acquisition Tuesday, but said the deal should close during the fourth quarter.
The New York company is now forecasting an adjusted profit of $3.95 to $4.05 per share, up from its previous estimate of $3.90 to $4 per share. The new estimate includes costs related to the Copal Amba deal, but it leaves out a gain of 36 cents per share connected to the company's purchase of a controlling interest in ICRA Ltd.
Moody's also said it plans to spend up to $1.25 billion on its own stock this year, up from its prior guidance of $1 billion.
Moody's Corp. shares rose 27 cents to $94.38 in afternoon trading.
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