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News Summary: IHS to buy R.L. Polk for $1.4B

The Associated Press

THE ACQUISITION: Global information firm IHS Inc. agreed to buy automotive information provider R.L. Polk & Co. for $1.4 billion in a cash and stock deal. Polk is known best for the popular Carfax service, which compiles information on used cars and whether they've been in crashes.

THE REASON: IHS already has a substantial automotive business, including a widely followed forecast of North American production. Polk's business would be complementary. According to IHS, Polk has revenue of over $400 million per year.

THE TIMING: IHS didn't give details on the timing. The deal is subject to customary closing conditions.