Global Insight to be acquired by IHS
Englewood, Colo.-based information and analysis firm IHS Inc., the owner of such information brands as Jane's Information Group, has purchased the privately held trade and transportation forecasting firm Global Insight in a $200 million transaction.
Global Insight, which covers more than 170 industries with 350 analysts, researchers and economists, is also a co-publisher of the monthly Port Tracker analysis.
Walthum, Mass.-based Global Insight agreed to the deal that would be completed with about 60 percent cash and 40 percent IHS common stock. According to Global Insight, the acquisition is subject to customary closing conditions, including expiration or termination of the applicable waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976.
Global Insight, with 750 employees in 25 offices around the world, has estimated 2008 revenue of about $120 million and is operating with high single-digit adjusted EBITDA, according to IHS.
'Global Insight founded the modern economic forecasting industry more than 40 years ago and today the company is recognized as the most consistently accurate economic forecasting company in the world,' said Jerre Stead, IHS chairman and chief executive officer.
'The acquisition of Global Insight provides IHS the opportunity to significantly enhance the value of our products and services by adding critical economic-focused offerings to the full range of information and insight IHS already offers,' said Stead.
Upon closing of the transaction, Scott Key, IHS senior vice president, currently serving as president and chief operating officer of Jane’s Information Group, will relocate to Waltham, and become president and COO of Global Insight.
According to IHS, Key and his team will 'work to align Global Insight with the other IHS Insight businesses.'
Joseph Kasputys, Global Insight's chairman, president and CEO, will become chairman emeritus of Global Insight and chairman of IHS's newly formed Insight Advisory Board. According to IHS, the advisory board will 'provide counsel to IHS leadership on the best ways to leverage the vast array of resources of the combined companies to deliver the greatest value for clients.'
