The acquisition of NDF provides Interactive Data with a strong, direct presence in Japan and advances the Company's strategy to expand its business in the Asia-Pacific region. Based in Tokyo, NDF is a leading provider of securities pricing, reference data and related services to many Japanese banks, asset and funds management companies, insurance companies, custody banks, trust banks and securities firms. Prior to the acquisition, Interactive Data and NDF were partners in a re-distribution relationship in Japan for more than 14 years, providing financial institutions with global end-of-day securities pricing, evaluations and reference data for clients' mission-critical investment operations, including portfolio valuation and accounting. Interactive Data has changed the name of NDF to Interactive Data Japan KK and plans to retain the personnel and operate the business in a manner consistent with historical practices.
At present, NTT DATA Corporation retains a 10% interest in NDF with other minority shareholders collectively owning the remaining 11%. Interactive Data plans to work with NTT DATA Corporation for a smooth transition of the business in Japan and to acquire the remaining equity of NDF over the coming years. The purchase price to acquire 100% of NDF is expected to be 3.0 billion yen (or approximately U.S. $32.6 million assuming constant foreign exchange rates) in cash.