BLACKROCK NEARS DEAL TO ACQUIRE DATA PROVIDER PREQIN
(Bloomberg) -- BlackRock Inc. is nearing a £2 billion ($2.5 billion) deal to acquire private capital database provider Preqin, according to people with knowledge of the matter, as the world’s largest money manager accelerates its push to become a major player in alternative assets.
After outbidding rivals, BlackRock has emerged as the likely buyer for London-based Preqin, the people said, asking not to be identified because the matter is private. The companies are hammering out the details of a transaction that may be announced as soon as Monday.
For BlackRock Chief Executive Officer Larry Fink, the deal would be a second major acquisition this year to expand into the fast-growing world of private markets investing. The firm announced a deal in January to acquire Global Infrastructure Partners for about $12.5 billion, a landmark move to expand its offerings beyond primarily stocks and bonds.
BlackRock, with $10.5 trillion in client assets at the end of March, also acquired Kreos Capital last year to expand in private debt. In recent years, the firm has been building out its technology and risk-management businesses. In 2019, BlackRock acquired eFront, a software provider enabling investors to assess private market assets.
The talks with Preqin are ongoing and may still end without an agreement, the people said. BlackRock had no immediate comment Sunday and Preqin didn’t immediately respond to requests for comment outside business hours.
The private equity database provided by Preqin is one of the largest and most popular, tracking fund performance, deals and portfolio companies, according to its website. It covers nearly 30,000 firms and almost 62,000 funds.
Preqin competes with Bloomberg LP, the parent of Bloomberg News.
--With assistance from Silla Brush.
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2024-06-30T20:03:35Z dg43tfdfdgfd
