Morningstar, a provider of independent investment research, is to buy Standard & Poor’s mutual fund data business for USD55 million in cash, subject to post-closing adjustments.
Standard & Poor’s fund data business consists of data and products covering more than 135,000 managed investment vehicles, including mutual funds, exchange-traded funds (ETFs), hedge funds, and offshore funds. Under terms of the agreement, Standard & Poor’s will license fund data from Morningstar after the acquisition is completed. The companies expect to complete the transaction in March, subject to customary closing conditions.
“With the acquisition of Standard & Poor’s fund data business, we believe we’ll have the most extensive global database for managed investment products in the industry,” says Joe Mansueto, the chairman and chief executive officer of Morningstar. “The combination of Morningstar’s industry-standard investment data and Standard & Poor’s international mutual fund data will significantly strengthen our global database and our offerings to investors. Our high-quality data forms the foundation of our business. It’s an important investment for us and a critical component of our research platform.”