IHS Markit Ltd. agreed to exchange a majority stake in its technology, media and telecommunications intelligence business platform for 100% of Informa PLC's agribusiness intelligence group.

Informa will pay an additional $30 million to IHS Markit to reflect the larger EBITDA of the IHS Markit's TMT unit, as the deal values the two exchanged businesses at equivalent EBITDA multiples. IHS Markit will retain RootMetrics and a portion of its market intelligence business at the closing of the deal.

The exchange of business units is expected to close in July.

IHS Markit said the deal will not affect its strategy to reduce its leverage below 3.0x and complete $500 million in share repurchases in 2019.