IHS and Markit complete merger
18 July 2016 London
Image: Shutterstock
IHS and Markit’s shareholders have approved a stock merger of the two companies, worth $13 billion.
The newly formed company, branded as IHS Markit, began trading on the Nasdaq Global Select Market on 13 July.
IHS stockholders will receive 3.5566 common shares of Markit in exchange for each share of IHS common stock, which will no longer be publicly traded.
IHS Markit has an 11-person board of directors made up of senior management from both companies, including Lance Uggla, previously Markit’s CEO, who has taken on the role of president.
Jerre Stead, previously CEO IHS, is now chair and CEO of the combined company.
The combined company’s reported results for fiscal year 2015 include approximately $3.3 billion in revenue, $1.2 billion in adjusted earnings before interest, taxes, depreciation and amortisation, and $800 million in free cash flow.
“This merger is such an important milestone for our company, colleagues, customers, shareholders and the entire business information industry,” said Stead.
“With our unique positions in energy, financial services and transportation, the sky’s 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.”
Uggla added: “IHS Markit will leverage best-in-class technologies to enhance the way our customers access information, analytics and solutions. Our expertise in the industries and markets that drive the global economy will allow us to provide our customers with the tools they need to make better decisions and gain a clear competitive advantage.”
The merger was first announced on 21 March when it was revealed that IHS Markit would be centred in London, but with key operations remaining in Englewood Colorado, where IHS was based.
The newly formed company, branded as IHS Markit, began trading on the Nasdaq Global Select Market on 13 July.
IHS stockholders will receive 3.5566 common shares of Markit in exchange for each share of IHS common stock, which will no longer be publicly traded.
IHS Markit has an 11-person board of directors made up of senior management from both companies, including Lance Uggla, previously Markit’s CEO, who has taken on the role of president.
Jerre Stead, previously CEO IHS, is now chair and CEO of the combined company.
The combined company’s reported results for fiscal year 2015 include approximately $3.3 billion in revenue, $1.2 billion in adjusted earnings before interest, taxes, depreciation and amortisation, and $800 million in free cash flow.
“This merger is such an important milestone for our company, colleagues, customers, shareholders and the entire business information industry,” said Stead.
“With our unique positions in energy, financial services and transportation, the sky’s 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.”
Uggla added: “IHS Markit will leverage best-in-class technologies to enhance the way our customers access information, analytics and solutions. Our expertise in the industries and markets that drive the global economy will allow us to provide our customers with the tools they need to make better decisions and gain a clear competitive advantage.”
The merger was first announced on 21 March when it was revealed that IHS Markit would be centred in London, but with key operations remaining in Englewood Colorado, where IHS was based.
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