UK-based data firm Markit is merging with its US rival IHS to create a combined entity worth $13 billion (€11.6 billion).
The companies both provide global financial services information and it will be renamed IHS Markit and headquartered in London.
The new company will have more than 50,000 customers and, according to the two firms, these include 75% of the Fortune Global 500, which it is hoped will create cross-selling opportunities across various industries and governments.
The combined company’s reported revenues for fiscal year 2015 was approximately $3.3 billion and $800 million in free flow cash.
Jerre Stead, IHS chairman and chief executive officer, said: “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.”
The firms said that the combination will be a merger of equals. Stead will assume the role of board chairman and chief executive officer of IHS Markit. Lance Uggla, chairman and chief executive officer of Markit, will be president and a member of the board of directors.
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