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Black Rock (New York Stock Exchange: BLACK) said late Sunday it has agreed to acquire U.K. private markets data provider Preqin for £2.55 billion (~$3.2 billion) in cash, a deal it said will add a highly competitive data business. complementary to your investment technology.
BlackRock (BLK) said combining Preqin’s data and research tools with Aladdin’s complementary workflow capabilities on a unified platform “will create a preeminent private markets data and technology provider.”
By 2024, Preqin is expected to generate approximately $240 million of highly recurring revenue and has grown approximately 20% annually over the past three years.
The deal is BlackRock’s (BLK) second major acquisition this year as it expands into the fast-growing world of private markets investing; the firm said in January it would buy Global Infrastructure Partners for ~$12.5 billion.