Acquisition By The McGraw-Hill Companies
On October 16, 1997 The McGraw-Hill Companies announced that it had made an offer to acquire Micropal. At the time the company had 15 offices in 11 countries and held data on 38,000 mutual funds in 19 countries, with this data published in more than 150 media outlets. Joseph L. Dionne, then Chairman and CEO of The McGraw-Hill Companies, said the following about the purchase:
"This acquisition expands on The McGraw-Hill Companies' key strategy to build on our leading positions in financial services and global publishing. The addition of Micropal further demonstrates The McGraw-Hill Companies' commitment of its Standard & Poor's brand to meeting the information, rating and analytical needs of the mutual funds marketplace on a global basis with the best and broadest capabilities anywhere. Standard & Poor's and Micropal share a commitment to providing impartial, value- added information that meets the highest standards for quality, independence and objectivity."
The purchase was completed in November 1997, with Micropal becoming a division of Standard & Poor's. Christopher Poll, who had been serving as Chairman, retired from the company, and Mark Adorian was appointed to head the new division which was called "S&P Micropal".
Nearly ten years later Standard & Poor's mutual fund data business, including Micropal, was acquired by Morningstar, Inc. for US$55 million. The deal was announced on February 22, 2007 and completed on March 16. At the time of the announcement S&P's mutual fund data business covered more than 135,000 mutual funds, hedge funds, offshore funds and exchange-traded funds in over 30 countries, and had offices in 8 countries. Following completion of the deal it was announced that the US office in Des Moines, Iowa (formerly Investment Company Data, Inc.) would be closed and its operations moved to Morningstar's offices in Chicago
Read more about this topic: Micropal Group Limited
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