In a move intended to enlarge Chicago-based Morningstar, Inc.'s international footprint, the firm is buying online global capital markets databases, an investor relations business, and a New Delhi, India-based data collection business from Ipreo Holdings LLC.
In a $51.6 million cash deal slated to close "in early January," the announcement says, Morningstar will acquire London-based Hemscott Data, which has 70 employees; Hemscott India, which has 200 employees based in New Delhi; and Hemscott.com. Hemscott has 10 U.S.-based employees as well that are included in the deal.
"This acquisition fits with our strategies of building a premier global equity database and expanding our presence outside the United States," according to Morningstar Chairman and CEO Joe Mansueto, in the company's December 17 announcement. "Hemscott has a leading equity database covering more than 19,500 companies in the United States, the United Kingdom, Canada, and parts of continental Europe.