CHICAGO and SYDNEY, March 24
/PRNewswire-FirstCall/ -- Morningstar Australasia Pty Limited, an
Australian subsidiary of Morningstar, Inc. (Nasdaq: MORN), today
announced it has entered into a definitive agreement to acquire
Aegis Equities Research, a leading provider of independent equity
research in Sydney, Australia,
from Aegis Equities Holdings Pty Ltd. The companies expect to
complete the transaction within the next few weeks, subject to
customary closing conditions. Terms were not disclosed.
Aegis Equities Research was founded in 1999 and currently serves
institutional, adviser, and retail clients. It operates a web-based
research platform that includes proprietary equities research and
market commentary on more than 200 Australian Securities Exchange
(ASX)-listed companies for brokers, financial advisers, and other
institutions. Aegis also operates ShareAnalysis.com, a
subscription-based website for individual investors, and publishes
the ShareAnalysis weekly e-newsletter, which includes market news,
analysis, and investment ideas. The Aegis business also provides
model equity portfolios that can be licensed as a sub-advisory
service for managed accounts or in "buy lists."
"Morningstar and Aegis have highly complementary businesses,
research styles, and market coverage in equity research. The
combination of our offerings and creation of a larger analyst team
will enable us to broaden and deepen our coverage of Australian
listed companies, provide Australian clients with more robust
independent research, and give us the potential to expand our
services in multiple delivery channels," said Andrew Bird, chief executive officer of
Morningstar Australasia. "This acquisition also fits Morningstar's
growth strategies of continuing to build thought leadership in
independent investment research and expanding our global
presence."
"For more than 10 years we've strived to provide Australian
investors and advisers with objective, fundamental equities
analysis," said Peter Leodaritsis, CEO and founder of Aegis
Equities Research. "As part of the Morningstar family, Aegis'
clients will have access to a significantly broader research
database along with independent research and analytics."
Leodaritsis will continue to run the Aegis businesses until the
acquisition is completed, after which time it will report to
Andrew Bird. Leodaritsis will then
serve in a part-time consulting capacity for six months to assist
with the transition.
Sparke Helmore acted as legal advisor to Aegis Equities
Holdings, and Clayton Utz acted as
legal advisor to Morningstar Australasia.
About Morningstar, Inc.
Morningstar, Inc. is a leading provider of independent
investment research in North
America, Europe,
Australia, and Asia. The
company offers an extensive line of Internet, software, and
print-based products and services for individuals, financial
advisors, and institutions. Morningstar provides data on
approximately 350,000 investment offerings, including stocks,
mutual funds, and similar vehicles, along with real-time global
market data on more than 4 million equities, indexes, futures,
options, commodities, and precious metals, in addition to foreign
exchange and Treasury markets. The company has operations in
20 countries and minority ownership positions in companies based in
two other countries.
Caution Concerning Forward-Looking Statements
This press release contains forward-looking statements as that
term is used in the Private Securities Litigation Reform Act of
1995. These statements are based on our current expectations about
future events or future financial performance. Forward-looking
statements by their nature address matters that are, to different
degrees, uncertain, and often contain words such as "may," "could,"
"expect," "intend," "plan," "seek," "anticipate," "believe,"
"estimate," "predict," "potential," or "continue." These statements
involve known and unknown risks and uncertainties that may cause
the events we discussed not to occur or to differ significantly
from what we expected. For us, these risks and uncertainties
include, among others, general industry conditions and competition,
including current global financial uncertainty; the impact of
market volatility on revenue from asset-based fees; damage to our
reputation resulting from claims made about possible conflicts of
interest; liability for any losses that result from an actual or
claimed breach of our fiduciary duties; financial services industry
consolidation; a prolonged outage of our database and network
facilities; challenges faced by our non-U.S. operations; and the
availability of free or low-cost investment information. A more
complete description of these risks and uncertainties can be found
in our filings with the Securities and Exchange Commission,
including our Annual Report on Form 10-K for the year ended
December 31, 2009. If any of these
risks and uncertainties materialize, our actual future results may
vary significantly from what we expected. We do not undertake to
update our forward-looking statements as a result of new
information or future events.
©2010 Morningstar, Inc. All rights reserved.
MORN-C
Media
Contacts:
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In Chicago: Margaret Kirch
Cohen, +1 312-696-6383 or margaret.cohen@morningstar.com
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In Sydney: Phillip Gray, +61 2
9276 4456 or phillip.gray@morningstar.com
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Investors: Investors may submit questions
to investors@morningstar.com
or by fax to
312-696-6009.
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SOURCE Morningstar, Inc.