Morningstar to Buy LCD for Up to $650 Million in Cash
(Bloomberg) -- Morningstar Inc. agreed to buy data and news service provider Leveraged Commentary & Data from S&P Global for as much as $650 million in cash.
Chicago-based Morningstar will pay $600 million at closing and agreed to make an additional payment of $50 million six months later, if certain conditions related to the transition of LCD customers are met, according to a statement. The sale was required by European regulators to clear S&P's $39 billion acquisition of IHS Markit Ltd., which closed at the end of Feburary.
Morningstar, which is known for its investment research and mutual fund ratings, plans to fund the purchase of LCD through a combination of cash on hand and a new credit facility, it said in a statement. The deal is expected to close in the third quarter.
LCD generates around $56 million in revenue and has over 60 employees. Its offering, which includes data, news analytics and indices covering the U.S. and European leveraged-debt markets, will become part of Morningstar's PitchBook platform.
Bloomberg LP, the parent of Bloomberg News, competes with IHS Markit, S&P Global and Morningstar in providing financial analytics and information.
©2022 Bloomberg L.P.
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