IHS and Markit combining in deal valued at more than $13B
NEW YORK (AP) — Data providers IHS and Markit are combining in an all-stock deal worth more than $13 billion.
IHS Inc. shareholders will own about 57 percent of the company, with Markit Ltd. shareholders owning 43 percent.
The new company, based in London, will be called IHS Markit. Some operations will be based in Englewood, Colorado.
IHS Chairman and CEO Jerre Stead will serve in the same roles for the combined company, with Markit Chairman and CEO Lance Uggla taking over the posts when Stead retires at 2017's end.
The new company is expected to achieve $125 million in cost savings by the end of 2019.
The boards of both companies have approved the deal, targeted to close in the second half of this year. Shareholders must still sign off on the agreement.