Business
Morningstar Plans to Acquire Leveraged Commentary & Data
LCD will complement PitchBook's robust product and research capabilities by covering every metric of the leveraged loan market CHICAGO and SEATTLE, April 4,
About this update from Morningstar, Inc.
[{"type":"text","content":"LCD will complement PitchBook's robust product and research capabilities by covering every metric of the leveraged loan market\n CHICAGO and SEATTLE, April 4, 2022 /PRNewswire/ -- Morningstar Inc., a leading provider of independent investment research (Nasdaq: MORN), has reached an agreement to acquire Leveraged Commentary & Data (LCD), a market leader in news, research, data, insights, and indexes for the leveraged finance market from S&P Global. The purchase price is up to $650 million in cash, comprised of $600 million at closing, subject to certain adjustments, and a contingent payment of up to $50 million six months after closing, upon the achievement of certain conditions related to the transition of LCD customer relationships.\nLCD is the industry standard for leveraged loan data, news, analysis, and indexes, providing coverage across the full lifecycle of loans. The leveraged loan market data provider will integrate with Morningstar's PitchBook Platform, which delivers data, research, and technology covering the breadth of the private and public capital markets. This unique dataset combined with PitchBook's already robust data, insights, and technology will create a centralized platform for participants in the leveraged finance market. \n\"As the alternative asset markets continue to grow and deepen, this acquisition presents new opportunities for PitchBook and LCD to solve real customer problems together and address the need for transparency within the private credit markets,\" said John Gabbert, founder and CEO of PitchBook. \"LCD's in-depth coverage of the leveraged loan market combined with PitchBook's institutional-grade coverage of the private and public equity markets will create an end-to-end data and research tool for enabling core workflows. There's nothing else out there with more comprehensive access to this data all in one place.\"\nThe acquisition of LCD will complement PitchBook's robust product and research capabilities and provide coverage of every metric of the leveraged loan market, including structure, pricing, yield, volume, along with secondary market performance and LBO/private equity activity. LCD is the only provider of real-time coverage of the U.S. and European leveraged loan and high-yield bond markets, from deal inception through the trading life of the debt. It also provides growing coverage...