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May 2, 2013 /PRNewswire/ -- Morningstar, Inc. (NASDAQ: MORN), a leading provider of independent investment research, has acquired its remaining ownership interest in Morningstar Sweden AB from Stadsporten Citygate AB and two private investors. Morningstar, through one of its subsidiaries, acquired its remaining 76 percent ownership stake for approximately U.S.
$13 million, or approximately
SEK 87 million, subject to post-closing adjustments.
Fondstar AB, a subsidiary of Citygate, licensed Morningstar's methodology and began providing ratings for funds in 1998.
Morningstar Europe B.V. and Citygate established a joint venture in 2001, formally incorporating Morningstar Sweden AB. Morningstar's main offerings in
Sweden include Morningstar Direct, Morningstar Data, Integrated Web Tools, and Morningstar.se, an investment information website for individual investors that provides fund and ETF data, portfolio tools, and market analysis.