Moody's research and advisory arm plans to boost its data collection capabilities through the acquisition of commercial real estate data provider Reis Inc.

Moody's Analytics, the non-rating subsidiary of Moody's, agreed to a merger with the nearly 40-year-old New York-based firm for $278M in a cash transaction worth $23 per share, the companies announced in a press release.

When the deal closes in the fourth quarter, Reis will become a wholly owned subsidiary of Moody's. Moody's purchase includes all shares of Reis currently owned by the company's management, which amounts to an 18% stake. After that, Moody's will purchase all remaining shares and close the transaction. Moody's is funding the deal with cash and short-term promissory notes.

Moody's has been acquiring or investing in research and analytics companies for years, including its strategic partnership and investment with CompStak in October.

This move to bolster its information gathering was announced amid news that Moody's rating service will no longer list and rate WeWork, citing a lack of information, The Real Deal reports.

At the time it was removed, the coworking giant had a junk rating of B3 due to the fact that its expenditures and debt obligations are increasing faster than its incoming revenue.