The allocation includes $9,266,000 of acquired intangible assets,  as follows: The following table summarizes our allocation of the purchase price  to the estimated fair values of the assets acquired and liabilities  assumed at the date of acquisition: Goodwill of $12,422,000 represents the premium we paid over the  fair value of the acquired net tangible and intangible assets. We  paid this premium for a number of reasons, including the strategic  benefit of adding to our existing fund research team in London and  continuing to build our thought leadership in investment research.  OBSR will also help us expand our investment consulting presence  in the United Kingdom, where we already provide asset allocation,  manager selection, and portfolio construction services to institutions  and intermediaries. The allocation includes $20,920,000 of acquired intangible assets,  as follows: The deferred tax liability of $2,317,000 is primarily because the  amortization expense related to intangible assets is not deductible  for income tax purposes. In May 2010, we acquired Realpoint, LLC (Realpoint), a Nationally  Recognized Statistical Rating Organization (NRSRO) that specializes  in structured finance. Realpoint offers securities ratings, research,  surveillance services, and data to help institutional investors iden- tify credit risk in commercial mortgage-backed securities. Institutional  investment firms subscribe to Realpoint’s ratings and analytics,  including money managers who invest in commercial mortgage- backed securities. We began including the financial results of this  acquisition in our Consolidated Financial Statements on May 3, 2010. Goodwill of $23,103,000 represents the premium we paid over the fair value of the acquired net tangible and intangible assets.  We paid this premium for a number of reasons, including the oppor- tunity for Morningstar to enter the structured finance ratings and  analysis business. The value assigned to goodwill, intangible assets, and restricted  stock at the date of grant are deductible for income tax purposes  over a period of approximately 15 years from the acquisition date. In conjunction with this acquisition, we paid $38,327,000 in cash,  net of cash acquired, and issued 199,174 shares of restricted stock  to the selling employee-shareholders. Because of the terms of the  restricted share agreements and in accordance with FASB ASC 805,  Business Combinations , we account for these grants as stock-based  compensation expense and not as part of the acquisition consider- ation. See Note 11for additional information concerning the account- ing for this restricted stock. In July 2010, we acquired an additional 75% interest in Morningstar  Danmark A/S (Morningstar Denmark), increasing our ownership to  100% from 25%. Morningstar Denmark’s main offering is the invest- ment information website for individual investors, Morningstar.dk,  which provides fund and ETF data, portfolio tools, and market  analysis. We began consolidating the financial results of this acqui- sition in our Consolidated Financial Statements on July 1, 2010. Increased Ownership Interest in Morningstar Danmark A/S Realpoint, LLC Weighted  Average Useful Life  ($000)  (years) Customer-related assets  $ 7,073  13 Technology-based assets   1,424  5 Intellectual property (trademarks and trade names)  769  10 Total intangible assets  $ 9,266  12 ($000) Cash and cash equivalents $ 5,489 Accounts receivable and other current assets  3,567 Other non-current assets  738 Deferred tax asset—non-current  195 Intangible assets   20,920 Goodwill   23,103 Deferred revenue  (7,316) Accounts payable and accrued and other current liabilities   (2,785) Other non-current liabilities (95) Total purchase price  $ 43,816 Weighted  Average Useful Life  ($000)  (years) Customer-related assets  $ 5,000  10 Technology-based assets  13,610  10 Intellectual property (trademarks and trade names)  2,100  10 Non-competition agreement  210  6 Total intangible assets  $ 20,920  10 Morningstar, Inc. 2010 Annual Report 117