Nasdaq quoted investment research company Morningstar is to acquire Leveraged Commentary & Data (LCD), a news, research and insights company in the leveraged finance niche from S&P Global. The consideration is an initial $600m – with a further $50m earnout payable after six months – for a company with revenue of $56m. LCD (with its 60 employees) will be integrated into Pitchbook, which covers capital markets M&A.
Morningstar to acquire LCD
