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Laxman Pai, Opalesque Asia: The financial information provider S&P Global Inc has agreed to pay $44 billion in stock to acquire London-based IHS Markit Ltd in the year's biggest acquisition that will create a new finance data powerhouse serving Wall Street and the corporate world.
The deal, which at that price would be the largest of the year, shows the growing importance and value of financial data firms to global financial markets. Other major players in the field include Bloomberg, FactSet, and Refinitiv.
S&P Global (SPGI) is one of the leading providers of credit ratings, analytics, and indexes used to assess the global financial markets. It provides a leading index of US home prices as well as the bellwether S&P 500 market index and the Dow Jones industrial average.
IHS Markit's diverse set of businesses range from selling data on automotive and technology industries to publishing Jane's Defence Weekly. The company was formed after U.S.-based IHS Inc bought Britain's Markit Ltd in 2016.
S&P is offering 0.2838 share for each IHS Markit share, representing a premium of about 4.7% to IHS Markit's last close.
After the deal, S&P shareholders will own approximately 68% of the combined company, which will be led by S&P's Chief Executive Officer Douglas Peterson. Lance Uggla, Chairman and Chief Executive Officer of IHS Markit, will stay on as a special advisor to the company for one year following closing.
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