NEW YORK: Ratings giant S&P Global reached an all-stock deal to buy IHS Markit for $44 billion, creating a giant in data and analytics used by Wall Street, the companies announced Monday. The companies said combining will bolster offerings to investor clients and provide complementary information streams in growth areas, such as in the shift towards renewable energy and the trend of environmental, social and governance (ESG) investing.

"Through this exciting combination, we are able to better serve our markets and customers by creating new value and insights," said Douglas Peterson, the chief executive of S&P Global and who will serve as CEO of the combined company.

S&P is best known for its Dow and S&P 500 equity indices and for its credit ratings business, while IHS Markit for its purchasing manager surveys that are an advance indicator of economic activity, as well as its military and security information subsidiary Jane's Information Group.

"This merger increases scale while rounding out our combined capabilities, and accelerates and amplifies our ability to deliver customers the essential intelligence needed to make decisions with conviction," Peterson said. The merger will create a $126-billion financial services behemoth that will be headquartered in New York.