The transaction is valued at $375 million and is expected to close in the fourth quarter of 2025.

Founded in 1960 at the University of Chicago, CRSP has long provided investors, academics, and regulatory authorities with financial data and market indexes to support research, scholarship, and investment strategy. CRSP developed the first market database that helped investors measure the historical rates of return for U.S. stocks, broadening transparency into U.S. equities. CRSP later expanded to include investable stock indexes, including the CRSP Market Indexes, which are the benchmarks for more than $3 trillion in U.S. equities across market capitalizations, investment styles, and sectors.

Proceeds from the transaction will provide long-term support for the University of Chicago’s educational and research programs. The agreement ensures continued access to CRSP’s data for Booth School of Business researchers, supporting ongoing academic work.

Morningstar, already among the fastest-growing global index providers, will integrate CRSP’s trusted data validation and indexing methodologies to expand its global index business.

The cross-practice Reed Smith team was led by global co-head of the firm’s private equity group Brad Schmarak and included partners Nathan Rahmanou, Dave Dorner, Michelle Mantine, and Michael Jacobs, as well as associates Matthew Hancock, Jahkeem Wheatley, Michela Petrosino, and Zach Baker.