S&P Global Announces Agreement to Sell Leveraged Commentary and Data to Morningstar

S&P Global (NYSE: SPGI) today announced it has entered into an agreement to sell its Leveraged Commentary and Data (LCD) business and its related family of leveraged loan indices to Morningstar Inc.

Morningstar has agreed to purchase LCD for $650 million in cash, comprised of $600 million paid at closing, subject to adjustment, and a contingent payment of up to $50m of which is payable six months following the closing upon the achievement of certain conditions related to the transition of LCD customer relationships. The transaction is subject to customary closing conditions, including antitrust approvals. LCD is a leading research group that provides highly differentiated and proprietary research on the U.S. and European leveraged loan, high-yield bond, collateralized loan obligation (CLO) and mid-market/direct lending markets.

“Leveraged Commentary and Data has been a market-leading and trusted brand in the global markets for over two decades. We are pleased that the people that built LCD will continue to contribute to the markets under new ownership,” said Douglas L. Peterson, President and Chief Executive Officer of S&P Global.

S&P Global pledged to divest the LCD business as a condition of regulatory approval from the European Commission on its merger with IHS Markit. S&P Global and IHS Markit completed their merger on February 28, 2022.

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