BlackRock to buy UK data group Preqin for $3.2 billion
Expanding into private markets data, I acquire Preqin for 2.55 billion pounds to offer enhanced solutions for fund managers. With a growth rate of 20%, Preqin will facilitate private markets investing, providing an accessible platform for investors. The acquisition aims to create a seamless experience for all stakeholders.
has agreed to buy data firm Preqin for 2.55 billion pounds ($3.23 billion) in cash in an expansion by the world's biggest asset management company into the data segment.BlackRock said in a statement that the would complement its tech business by bringing together data, research, and process for .
Aladdin is BlackRock's portfolio management software which provides investment professionals a way to view and manage daily investments.
Preqin will also continue to be offered as a standalone solution, the company said.
Preqin is expected to generate about $240 million of recurring revenue in 2024 and has grown approximately 20% per year in the last three years, BlackRock said in its statement.
Preqin, which was founded in 2003, specialises in data about the alternative investment industry. The UK-based company has subscribers in more than 90 countries, according to the British government's register of companies.
Reuters reported in early June that the and S&P Global were among potential bidders for Preqin.
Its founder Mark O'Hare will join BlackRock as a vice chair after the close of the transaction.
The earlier reported on the deal.
"Together with Preqin, we can make private markets investing easier and more accessible while building a better-connected platform for investors and fund managers..," said Sudhir Nair, global head of BlackRock's Aladdin. ($1 = 0.7903 pounds).
Source: Stocks-Markets-Economic Times
