Morningstar CEO Kunal Kapoor
CHICAGO—Locally-based Morningstar Inc. has reached a definitive agreement to significantly expand its Morningstar Credit Ratings' US business with the purchase of the world's fourth largest credit ratings agency DBRS in a $669-million deal.
Morningstar announced on Wednesday it had reached the agreement to acquire the Toronto-based DBRS and expects the deal to close in the third quarter of this year.
The combination of DBRS with Morningstar Credit Ratings' U.S. business will expand Morningstar's global asset class coverage and provide an enhanced platform that will provide investors with leading fixed-income analysis and research, the company states.
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John Jordan
John Jordan is a veteran journalist with 36 years of print and digital media experience.
