Broadridge Financial Solutions Inc. has agreed to acquire Morningstar Inc.'s 15(c) board consulting services business.

Terms of the acquisition were not disclosed.

The company said that adding Morningstar's board consulting services business will allow it to strengthen its offerings to mutual fund boards. More specifically, Broadridge said the business would allow its clients to independently benchmark funds with data from both Morningstar and Lipper.

The deal is expected to close in January 2018.