Financial information services provider Markit has merged with analytics company IHS. The transaction was unanimously approved by the boards of directors of both companies and is valued at more than $13 million– a number based on the closing prices of IHS and Markit common stock on March 18.
The two publicly traded companies have combined in an all-share merger. After the transaction closes in Q2 2016, the company will be renamed IHS Markit and will be headquartered in London. Commenting on the merger, Markit CEO Lange Uggla states:
“Together, we will create a global information powerhouse and a platform for innovation that drives future revenue. At the heart of our shared vision is the opportunity to offer our customers a broader and richer content set through both existing and new products that will support their critical decision making and manage regulatory change.”
The newly combined company will have 50,000 customers, including 75% of Fortune Global 500 companies.
Markit offers market data, indices, and pricing information and supplies processing services and software platforms to banks, hedge funds, asset managers, regulators and insurance companies. Tim Burcham, Head of Labs for Markit presented at FinDEVr San Francisco 2015 (video below).