Morningstar, Inc., a leading provider of independent investment insights, announced it has entered into an agreement to acquire the Center for Research in Security Prices (CRSP), a premier provider of historical stock market data and indexes, from the University of Chicago, for $375 million. Upon closing, this strategic move will redefine Morningstar’s position in the market, catapulting it to one of the largest index providers for public US equity index funds.

As part of the transaction, Morningstar will acquire the CRSP Market Indexes, which are the benchmarks for more than $3 trillion in US equities across market capitalizations, investment styles, and sectors, providing meaningful scale for Morningstar’s index capabilities. Vanguard offers several funds tracking CRSP indexes, including mutual funds and exchange-traded funds (ETFs), such as Vanguard Total Stock Market Index Fund (VTSAX and VTI), and Vanguard Mid-Cap Index Fund (VIMAX and VO). These funds, known for their broad diversification and low costs, are used by millions of investors.

“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 to make smarter decisions,” said Kunal Kapoor, chief executive officer of Morningstar. “We know that assets tied to indexes play a critical role for asset owners when choosing providers, and this acquisition allows us to expand our capabilities to these clients. With CRSP’s expertise and our shared focus on delivering exceptional value, we’re excited to create even more opportunities for investors and help them achieve their long-term goals.”

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. More than 65 years ago, CRSP developed the first market database that helped investors measure the historical rates of return for US stocks, broadening transparency into US equities. Today, CRSP is known for its high-quality and comprehensive historical US equity and index data.

“A hallmark of economic scholarship at the University of Chicago has been the rigorous use of data to unlock fundamental market insights, for the benefit of scholars as well as investors – and CRSP has made vital contributions to those advances,” said Madhav Rajan, dean of the University of Chicago Booth School of Business and chair of CRSP’s Board of Directors. “As CRSP and Morningstar embark on a new chapter, Morningstar is a natural fit for CRSP’s strengths, and it brings the business insights, experience, and capacity required to make full use of, and build upon, CRSP’s potential.”

CRSP generates approximately $55 million in annual revenue. The CRSP team will officially join Morningstar Indexes, bringing their expertise and innovative approach to enhance Morningstar’s index offerings. The transaction is expected to close in the fourth quarter of 2025, subject to customary closing conditions including regulatory approval.

Source: Morningstar