UPDATE: IHS to Acquire Polk for $1.4 Billion

Englewood, Colo.-based IHS Inc., a provider of analysis about energy, security and the environment, has agreed to buy privately held auto research firm R.L. Polk & Co. for $1.4 billion in cash, stock and debt.

Southfield, Mich.-based Polk disclosed in March that it had hired New York City-based investment bank Evercore Partners Inc. to seek a buyer.

The Polk deal will be the largest of the approximately 70 acquisitions IHS has made in the last 10 years. The sale is subject to approval by U.S. anti-trust authorities.

IHS CEO Scott Key notes that Polk's expertise in vehicle registration data, sales forecasts and owner loyalty surveys will complement the product development, manufacturing and production expertise of IHS Automotive. Polk's Carfax unit will contribute an extensive database of vehicle history information.

Carfax accounts for about 60% of Polk's $400 million in annual revenue, according to Keys. He says IHS aims to expand Polk's global operations, particularly in China, and replicate Carfax services in other markets.

Polk will become part of IHS Automotive, which also absorbed automotive forecaster CSM Worldwide Inc. after its acquisition for $27 million in 2010.