Morningstar (NASDAQ: MORN) plans $375M CRSP acquisition in Q4 2025

Rhea-AI Filing Summary

Morningstar, Inc. reported that it has entered into a definitive agreement to acquire the Center for Research in Security Prices, LLC, a subsidiary of the University of Chicago, for $375.0 million. The deal is subject to customary closing conditions, including regulatory approval, and is expected to close in the fourth quarter of 2025.

The company disclosed this transaction under a Regulation FD disclosure, and attached the related press release as an exhibit, highlighting the planned expansion of its capabilities through this acquisition once completed.

Insights

Equity analyst – information services and data platforms

Morningstar plans a $375.0 million acquisition of CRSP, pending regulatory approval and other customary closing conditions.

Morningstar, Inc. has agreed to acquire the Center for Research in Security Prices, LLC, a subsidiary of the University of Chicago, for $375.0 million. This reflects a sizable planned investment in expanding its data and research capabilities, with the final terms documented in a definitive agreement.

The transaction remains contingent on customary closing conditions, including regulatory approval, so completion is not yet assured. The company states that closing is expected in the fourth quarter of 2025, providing a clear time frame for when the deal may be finalized.

Investors can look to the attached press release dated September 23, 2025 for further detail on the agreement terms. Subsequent company communications around the targeted fourth quarter 2025 closing may clarify integration progress and any finalized transaction details.

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

______________________________

FORM 8-K

______________________________

CURRENT REPORT

Pursuant to Section 13 or 15(d) of

the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): September 23, 2025

MORNINGSTAR, INC.

(Exact name of registrant as specified in its charter)

Illinois (State or other jurisdiction of incorporation)

000-51280 (Commission File Number)

36-3297908 (I.R.S. Employer Identification No.)

22 West Washington Street Chicago, Illinois (Address of principal executive offices)

60602 (Zip Code)

(312) 696-6000 (Registrant’s telephone number, including area code)

N/A

(Former name or former address, if changed since last report) __________________________________

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

    o    Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

    o    Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

    o    Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

    o    Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ¨

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨

Securities registered pursuant to Section 12(b) of the Act:

Title of Each Class			Trading Symbol			Name of Each Exchange on Which Registered
Common stock, no par value			MORN			The Nasdaq Stock Market LLC

Item 7.01    Regulation FD Disclosure

On September 23, 2025, Morningstar, Inc. (“Morningstar”) issued a press release announcing that it has entered into a definitive agreement to acquire the Center for Research in Security Prices, LLC, a subsidiary of the University of Chicago, for $375.0 million. The transaction, which is subject to customary closing conditions, including regulatory approval, is expected to close in the fourth quarter of 2025. A copy of the press release is included as Exhibit 99.1 to this Current Report on Form 8-K and incorporated herein by reference.

Item 9.01. Financial Statements and Exhibits.

    (d)    Exhibits:

Exhibit No.						Description
99.1						Press Release dated September 23, 2025.
104						The cover page from this Current Report on Form 8-K formatted in Inline XBRL (included as Exhibit 101).

_____________________________________________________________________________________

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

						MORNINGSTAR, INC.
Date: September 23, 2025						By:/s/ Michael Holt
						Name: Michael Holt
						Title: Chief Financial Officer

FAQ

What acquisition did Morningstar (MORN) announce in this 8-K?

Morningstar announced that it entered into a definitive agreement to acquire the Center for Research in Security Prices, LLC, a subsidiary of the University of Chicago.

How much is Morningstar (MORN) paying for the Center for Research in Security Prices, LLC?

Morningstar agreed to acquire the Center for Research in Security Prices, LLC for $375.0 million.

When is the Morningstar (MORN) acquisition of CRSP expected to close?

The transaction is expected to close in the fourth quarter of 2025, subject to the satisfaction of closing conditions.

What conditions must be satisfied before Morningstar (MORN) can close the CRSP acquisition?

The acquisition is subject to customary closing conditions, including regulatory approval, before it can be completed.

Where can investors find more details on Morningstar’s (MORN) planned CRSP acquisition?

Additional details are provided in the press release dated September 23, 2025, which is included as Exhibit 99.1 to the report.

Which exchange lists Morningstar (MORN) common stock?

Morningstar’s common stock, no par value, trades on The Nasdaq Stock Market LLC under the symbol MORN.