May 14, 2020

Of the €170M enterprise value you estimate for Sustainalytics, how much remains to be paid in 2020 and 2021? How much will the Sustainalytics owners retain? In other words, will they be able to share in the upside as MORN strengthens the asset?

The transaction consideration paid for Sustainalytics includes a cash payment at closing of approximately €55 million (subject to certain potential adjustments) with additional cash payments in 2021 and 2022 based on a multiple of Sustainalytics’ 2020 and 2021 fiscal year revenues.

We will own 100% of Sustainalytics’ shares at closing, but the transaction structure gives Sustainalytics’ employee owners the ability to benefit based on revenue growth.

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