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IHS and Markit to merge in $13 billion deal

IHS and Markit to merge in $13 billion deal
New company set to be global powerhouse providing data and analysis for fin. and energy mkts. inc. Fortune global 500 firms

IHS, a U.S.-based global provider of data and analysis, announced Monday that it will merge with London-based financial data provider Markit, in a deal valued at more than $13 billion.

Under the definitive agreement, the merger "will create a global leader in critical information, analytics and solutions," IHS said in a statement.

IHS is mostly known by its annual CERAWeek energy conference, which brings top leaders from the energy industry in Houston every year, in addition to providing data and analysis on oil, gas and electricity markets in the U.S. and around the world.

The global financial information and services company Markit Ltd. provides data about derivatives trade, foreign exchange and loans to reduce financial risk for its customers.

The deal has been unanimously approved by the board of directors of both companies, according to the statement.

After the merger is complete, the new company will be named 'IHS Markit' to be headquartered in London. While IHS shareholders will own approximately 57 percent of the combined company, Markit shareholders will own around 43 percent.

The global data and analysis powerhouse is expected to have more than 50,000 customers, which include 75 percent of the Fortune Global 500.

The combined company’s reported results for fiscal year 2015 include some $3.3 billion in revenue, $1.2 billion in adjusted earnings, and $800 million in free cash flow.

"This transformational merger brings together two information-rich companies to create a powerful provider of unique business intelligence, data and analytics to a broad and complementary customer base," Jerre Stead, IHS chairman and chief executive officer, said in the statement.

"Together, we will create a global information powerhouse and a platform for innovation that drives future revenue...The combination will enhance cash flow...," Lance Uggla, chairman and chief executive officer of Markit said.

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