Morningstar to acquire PitchBook Data for about $180M
Morningstar announced that it has entered into a definitive agreement to acquire PitchBook Data. PitchBook, founded in 2007, delivers data, research, and technology covering the breadth of the private capital markets, including venture capital, private equity, and mergers and acquisitions. PitchBook will maintain its brand and identity and will continue to be led by founder and CEO John Gabbert. Morningstar was an early investor in PitchBook and currently owns approximately 20% of the company. The company expects to pay approximately $180M for the remaining ownership interest in a transaction that values PitchBook at $225M. Subject to customary closing conditions, the two companies expect the transaction to close in the fourth quarter.