Morningstar to acquire CRSP from University of Chicago for $375 million

CHICAGO - Morningstar, Inc. (NASDAQ:MORN) announced Tuesday it has entered into an agreement to acquire the Center for Research in Security Prices (CRSP) from the University of Chicago for $375 million, a move that will significantly expand its index business. The company, which currently generates annual revenue of $2.35 billion and maintains a market capitalization of $9.87 billion, has demonstrated strong financial fundamentals with a perfect Piotroski Score of 9, according to InvestingPro data.

The acquisition will give Morningstar control of CRSP Market Indexes, which serve as benchmarks for more than $3 trillion in US equities across various market segments. These indexes are notably used by Vanguard for several of its funds, including the Vanguard Total Stock Market Index Fund and Vanguard Mid-Cap Index Fund.

CRSP, founded in 1960, generates approximately $55 million in annual revenue and is known for providing comprehensive historical US equity data and market indexes used by investors, academics, and regulatory authorities.

"By bringing CRSP’s trusted data validation processes and robust indexing methodologies into our fold, we’re reinforcing our commitment to offering high-quality, data-driven tools that empower investors," said Kunal Kapoor, chief executive officer of Morningstar.

Madhav Rajan, dean of the University of Chicago Booth School of Business and chair of CRSP’s Board of Directors, noted that "Morningstar is a natural fit for CRSP’s strengths" as the organizations begin a new chapter together.

Upon completion, the CRSP team will join Morningstar Indexes, which has been the fastest-growing global index provider for the last five years according to Burton-Taylor International Consulting.

The transaction is expected to close in the fourth quarter of 2025, subject to regulatory approval and other customary closing conditions.

Morningstar currently has approximately $352 billion in assets under management and administration as of June 30, 2025, according to the press release statement.

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