S&P Global Acquires Private Markets Firm – Reuters
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S&P Global Acquires with Intelligence for $1.8 Billion
What Happened?
S&P Global has reached a definitive agreement to acquire With Intelligence, a leading provider of private market data and intelligence, for $1.8 billion in cash. the deal, announced on November 29, 2023, aims to bolster S&P Global’s presence in the rapidly growing private capital markets sector. This acquisition will integrate With Intelligence’s data and analytics into S&P Global’s Market Intelligence platform.
Why This Matters: The Rise of Private Markets
Private equity, venture capital, and private credit have experienced significant growth in recent years, attracting considerable investment and becoming increasingly critically important components of the global financial landscape. According to Preqin, assets under management in private capital reached $8.3 trillion in 2022, and are projected to continue growing. This growth has created a demand for more complete and reliable data on these less clear markets.
S&P global’s acquisition of With Intelligence directly addresses this need. With Intelligence provides data on over 750,000 private companies, 250,000 private market deals, and 120,000 private market professionals. Integrating this data will provide S&P Global’s clients with a more holistic view of the investment landscape.
Who is With Intelligence?
With Intelligence, formerly known as PitchBook, is a financial data and software company focused on the private and public markets. It provides data, research, and analytics to professionals in the financial services, investment banking, and private equity industries.The company’s offerings include detailed profiles of private companies, deal terms, fund performance data, and industry research reports.
Prior to the acquisition, With Intelligence was owned by Ion Investment Group. Ion acquired PitchBook in 2016 for an undisclosed amount. The sale to S&P Global represents a significant return on investment for Ion.
Financial Details and Deal Structure
The $1.8 billion acquisition will be funded through a combination of cash on hand and debt. S&P global expects the deal to close in the first quarter of 2024, subject to regulatory approvals and customary closing conditions. The acquisition is expected to be accretive to S&P global’s adjusted earnings per share in the first full year following the close.
| Metric | Value |
|---|---|
| Acquisition Price | $1.8 Billion (USD) |
| Funding Source | Cash & Debt |
| Expected Close Date | Q1 2024 |
| Target Company | With Intelligence (formerly PitchBook) |
Impact on the Competitive Landscape
This acquisition intensifies competition in the private market data and analytics space. Key competitors include Bloomberg, Refinitiv (now part of LSEG), and Preqin. S&P Global’s move aims to differentiate it’s Market Intelligence platform by offering a more comprehensive suite of data and tools for private capital market professionals.
Analysts predict that other players in the industry may pursue similar acquisitions to strengthen their offerings and maintain market share.The demand for private market data is expected to continue driving consolidation in the sector.