Morningstar Buys Out Swedish Joint Venture
Chicago-based data and investment research provider Morningstar has acquired the remaining 76 percent ownership stake that it did not already own in Morningstar Sweden from Stadsporten Citygate -- its partner in the joint venture since 2001, after Citygate's Fondstar subsidiary began licensing Morningstar's funds rating methodology in 1998 -- and two private investors for 87 million Swedish kronor (about $13 million), and will integrate the business and its 25 employees into its other Nordic business.
Officials say the move will provide seamless access to the vendor's offerings and better serve clients in the region.
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