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Morningstar Denmark’s total estimated fair value of $20,192,000 includes $15,467,000 in cash paid to acquire the remaining 75% interest in Morningstar Denmark and $4,725,000 related to the 25% of Morningstar Denmark we previously held. We determined the fair value of the previously held 25% investment independent of the acquired controlling interest and recorded a non-cash holding gain of $4,564,000. The following table summarizes our allocation of the estimated fair values of the assets acquired and liabilities assumed at the date of acquisition: 

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The purchase price allocation includes $9,854,000 of acquired intan- gible assets, as follows: 

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We recognized a deferred tax liability of $2,504,000 mainly because the amortization expense related to certain intangible assets is not deductible for income tax purposes. 

Goodwill of $12,342,000 represents the premium over the fair value of the net tangible and intangible assets acquired with this acquisi- tion. We paid this premium for a number of reasons, including the opportunity to offer Morningstar’s full suite of products and services to investors in Denmark and further leveraging Morningstar’s global reach, investment databases, and technology expertise. 

## Annuity intelligence business of Advanced Sales and Marketing Corporation (ASMC) 

In November 2010, we acquired the annuity intelligence business of Advanced Sales and Marketing Corporation (ASMC) for $14,113,000 in cash. The acquisition includes the Annuity Intelligence Report (AI Report), a web-based service that helps broker-dealers, insurers, and the financial professionals they support better understand and more effectively present variable annuity products to their clients. The AI Report service leverages a proprietary database of more than 1,000 variable annuities that includes “plain-English” translations of complex but important information found in prospectuses and other public filings. We began including the financial results of this acquisition in our Consolidated Financial Statements on November 1, 2010. 

The following table summarizes our preliminary allocation of the purchase price to the estimated fair values of the assets acquired and liabilities assumed at the date of acquisition: 

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The preliminary allocation includes $6,407,000 of acquired intan- gible assets. These assets primarily include customer-related assets and technology-based assets, including software and a database that are amortized over a weighted average estimated life of 10 years. 

The preliminary goodwill value of $8,921,000 represents the premium we paid over the fair value of the acquired net tangible and intan- gible assets. We paid this premium for a number of reasons, includ- ing the opportunity to combine Morningstar’s strength in variable annuity subaccount data and modeling tools with AI Report’s prod- uct-level data and proprietary methodologies. 

The value assigned to goodwill and intangible assets are deductible for income tax purposes over a period of approximately 15 years from the acquisition date. 

