Morningstar Wades Further into ESG Space with Sustainalytics Acquisition

The ESG data space has seen a fair amount of M&A activity in recent years, and that is likely to continue, sources say.

ESG

On Tuesday, Morningstar announced it would acquire the remaining shares of ESG specialist Sustainalytics, rounding out the 40% stake the research giant took in the company in 2017. According to a release, the transaction includes a €55 million ($67.6 million) cash payment (subject to adjustment), “and additional cash payments in 2021 and 2022 based on a multiple of Sustainalytics’ 2020 and 2021 fiscal year revenues,” which Morningstar estimates to be worth €170 million ($209 million). All

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