Investment research firm Morningstar Inc. has entered into an agreement to acquire Standard and Poor’s mutual fund data business for $55 million in cash.

The business consists of data and products covering more than 135,000 managed investment vehicles, including mutual funds, exchange-traded funds, hedge funds and offshore funds. As part of the deal, Standard and Poor’s, which is a division of the McGraw-Hill Cos., will license fund data from Morningstar after the acquisition is completed.

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