Here comes a new financial data heavyweight.
Information provider IHS (IHS) is buying its London-based rival Markit (MRKT), in a deal valued at $13 billion, the companies announced Monday.
The merger could shake up the finance and industry information sector, currently dominated by Bloomberg and Thomson Reuters (TRI).
The new company -- to be called IHS Markit -- will have combined revenues of $3.3 billion and more than 50,000 customers globally, including 75% of the Fortune 500.
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IHS provides information and analysis to industries and governments in more than 140 countries around the world. Its expertise ranges from aerospace, automotive and finance, to energy and technology.
Markit started as a credit derivatives pricing service in 2003, before growing rapidly into a global provider of financial information services. It floated on Nasdaq in 2014.
The deal has been approved by the boards of both companies and is set to close in the second half of 2016. IHS shareholders are expected to own around 57% of the new company, with Markit shareholders owning the rest.
