Financial data provider Markit will merge with US analytics firm IHS in an all-share deal worth around $13 billion.
Upon completion of the deal the combined company will be renamed HIS Markit, and will be headquartered in London.
The combined group will become a data heavyweight, with more than 50,000 customers, including 75% of the Fortune Global 500 on its client roster.
According to the release from Markit, the new company expects to cut costs by $125 million by year-end of 2019.
Markit expects “cost synergies” to be driven by integrating corporate functions and reducing technology expenditure.
“This transformational merger brings together two information-rich companies to create a powerful provider of unique business intelligence, data and analytics to a broad and complementary customer base,” said Jerre Stead, chairman and CEO, IHS.
The deal comes amid increased consolidation in the information/data market, following the acquisition of Interactive Data by InterContinentalExchange (ICE) for $5.2 billion last year.