Morningstar buys out Danish unit for $15.2M

(AP) — Investment research firm Morningstar Inc. said Thursday its European subsidiary will buy the rest of its Danish unit from Phosphorus A/S.

Morningstar Europe B/V will pay $15.2 million, plus a share of its first-half 2010 profit, for the 75 percent stake held by Phosphorus, a Danish company.

Morningstar Danmark, based in Copenhagen, was established in 2001. The company operates a website for individual investors, Morningstar.dk, which provides data on mutual funds and exchange traded funds, market analysis and other information.

The unit has 11 employees in Copenhagen. CEO Peter Meyer and Torben Bruun, chief operating officer, will continue to lead the company.

The deal is expected to close in July. It's the second acquisition in Europe in a month for Morningstar, which is based in Chicago. The firm announced a deal to buy Seeds Group, an investment counseling service based in Paris, for an undisclosed amount on May 17.