US-based analytics provider IHS and UK-based data provider Markit have completed a $13bn merger to form a new international market and financial data company.
The combined entity will trade under the name IHS Markit and will be based in London. It will also have certain key operations in Colorado.
Under the terms of the deal, stockholders of IHS will get 3.5566 common shares of Markit for each share of IHS common stock that will not be publicly traded anymore. The deal was announced on 21 March 2016.
IHS chairman and CEO Jerre Stead will be chairman of the board of directors as well as CEO of the merged firm, while Markit CEO Lance Uggla will currently serve as president and a member of the board of directors.
Uggla will take over Stead’s role in the new firm, following the latter’s retirement on 31 December 2017.
“This merger is such an important milestone for our company, colleagues, customers, shareholders and the entire business information industry. With our unique positions in energy, financial services and transportation, the sky is the limit in terms of the analytics and next-generation solutions we will provide to customers worldwide and across industries, as the new global information leader,” Stead said.
“IHS Markit will leverage best-in-class technologies to enhance the way our customers access information, analytics and solutions, Uggla added.