Morningstar completes Aspect Huntley acquisition
25 July 2006 | 2378 views | 0
Morningstar, Inc. (Nasdaq: MORN), a leading provider of independent investment research, today announced it has completed its previously announced acquisition of Aspect Huntley Pty Limited, a leading provider of equity information, research, and financial trade publishing in Australia.
The purchase price for Aspect Huntley was Australian $30 million (approximately U.S. $23 million) in cash, of which A$2 million will be paid in 2007 subject to post-closing adjustments. Aspect Huntley had revenue of A$8.2 million for its fiscal year ended June 30, 2005. For the 11 months ended May 31, 2006, Aspect Huntley had approximately A$10.8 million in revenue. This amount includes A$1.4 million in revenue for the five months ended May 31, 2006, from InvestorInfo, which Aspect Huntley acquired on Dec. 22, 2005.
Aspect Huntley was formed in July 2003 as a result of a merger between Aspect Financial, which was founded in 1997 by Andrew Bird, and Huntleys' Investment Information, which was founded by Ian Huntley, publisher, in 1973. In December 2005 Aspect Huntley acquired InvestorInfo, publisher of IFA and Investorweekly, both leading financial trade magazines in Australia. Aspect Huntley is known for providing objective, affordable investment information to individual investors and their advisers. Under the Huntleys' newsletter brand, the company has provided commentary and recommendations for the Australian share market for more than 30 years and offers a widely used series of online and print products for individual investors. Bird and Huntley will continue in their roles at Aspect Huntley.