MSCI (MSCI) Unit to Acquire IPD Group in $125M Deal
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Price: $604.71 +0.23%
Overall Analyst Rating:
SELL (= Flat)
Dividend Yield: 0.7%
EPS Growth %: +16.5%
Overall Analyst Rating:
SELL (= Flat)
Dividend Yield: 0.7%
EPS Growth %: +16.5%
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MSCI, Inc. (NYSE: MSCI) announced that its subsidiary, MSCI Limited, has entered into a definitive agreement to acquire IPD Group Limited, a holding company for the IPD Group, for a purchase price of approximately $125 million (£78 million), funded through existing cash. IPD is a leading provider of real estate investment performance benchmarking, performance analysis, market indices, risk management tools and market research to the owners, institutional investors, managers, lenders on, and occupiers of, real estate. The acquisition is subject to customary closing conditions for transactions of this nature.
MSCI expects its global footprint, strong relationships with institutional investors, technological and operational expertise to enhance IPD’s existing products and services. The addition of IPD will enable MSCI to expand its multi-asset class offering by integrating private real estate assets into its models, and by adding real estate benchmarks to its family of market leading indices.
For the year ended December 31, 2011 and the six month period ended June 30, 2012, IPD had U.S. dollar equivalent revenues of $47.7 million2 (£29.7 million) and $26.4 million2 (£16.7 million), respectively. The acquisition is not expected to have a material impact on MSCI’s results of operations in fiscal year 2012. The transaction is expected to close during the fourth quarter of 2012.
Davis Polk & Wardell LLP and Allen & Overy LLP acted as legal advisers to MSCI. Lazard & Co., Limited was lead adviser to IPD Group Limited, supported by Tom Van Oss and Portico Capital, and Linklaters acted as legal advisers, supported by Addis Law.
MSCI expects its global footprint, strong relationships with institutional investors, technological and operational expertise to enhance IPD’s existing products and services. The addition of IPD will enable MSCI to expand its multi-asset class offering by integrating private real estate assets into its models, and by adding real estate benchmarks to its family of market leading indices.
For the year ended December 31, 2011 and the six month period ended June 30, 2012, IPD had U.S. dollar equivalent revenues of $47.7 million2 (£29.7 million) and $26.4 million2 (£16.7 million), respectively. The acquisition is not expected to have a material impact on MSCI’s results of operations in fiscal year 2012. The transaction is expected to close during the fourth quarter of 2012.
Davis Polk & Wardell LLP and Allen & Overy LLP acted as legal advisers to MSCI. Lazard & Co., Limited was lead adviser to IPD Group Limited, supported by Tom Van Oss and Portico Capital, and Linklaters acted as legal advisers, supported by Addis Law.
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