NEW YORK, May 21, 2018 /PRNewswire/ -- Ipreo, a leading
financial services solutions and data provider, today announced the
signing of a definitive agreement to be acquired by IHS Markit
(Nasdaq: INFO), a world leader in critical information, analytics
and solutions. IHS Markit is acquiring the business from private
equity funds managed by Blackstone (NYSE: BX) and by the Goldman
Sachs Merchant Banking Division ("Goldman Sachs"), for $1.855 billion.
Scott Ganeles, Chief Executive
Officer of Ipreo, said, "Our business has grown immensely under
Blackstone and Goldman Sachs' ownership, and we look forward to our
next stage of expansion and innovation with IHS Markit. IHS Markit
will be a tremendous partner as we continue to build on our
position as a leading provider to global capital markets
participants."
Kevin Marcus, President and COO
of Ipreo, said, "With the support of our sponsors, we've had a
phenomenal four years of growth and game-changing new initiatives.
IHS Markit is a great fit for us – in culture, market approach, and
focus on customer service – and is a great home for us to continue
our trajectory of success."
Lance Uggla, chairman and CEO of
IHS Markit, said, "Ipreo has an extremely strong brand in financial
markets and its services are a logical and highly complementary
extension to our financial services business and our customer
base," Uggla said. "Across multiple product lines, we will deliver
a more comprehensive service that will allow clients to streamline
their workflow and make quicker and better decisions."
Since Blackstone and Goldman Sachs' investment in 2014, Ipreo
has grown its revenues by nearly 60 percent. The company completed
three transformative acquisitions to form its fast-growing Private
Capital Markets segment, launched several major new products
including an expansion into the buyside, created blockchain and
data related joint ventures, and significantly expanded its
presence globally.
Martin Brand, a Senior Managing
Director at Blackstone, said, "Since we invested in Ipreo, the
company has been able to deliver rapid innovation and revenue
growth, leading to substantial shareholder value creation. IHS
Markit will be a synergistic partner for Ipreo, with a strong
management team we have known for a long time. We look forward to
continuing to work with IHS Markit to explore opportunities to
partner in financial technology."
Greg Blank, a Senior Managing
Director at Blackstone, said, "We would like to thank Ipreo's
management team for their leadership over the course of our
investment, and our partners Goldman Sachs Merchant Banking for
their support of the company. Blackstone looks forward to
maintaining a continued partnership and valued customer
relationship through Ipreo together with IHS Markit in the
future."
Sumit Rajpal, Managing Director
and co-head of global private equity in the Merchant Banking
Division of Goldman Sachs, said, "We are delighted to have
partnered with Ipreo over the past four years, and we wish them
continued success and look forward to our ongoing relationship as a
large customer of their services."
Anthony Arnold, Managing Director
at Goldman Sachs, said, "Under our ownership, Ipreo has made
significant investments in building out their technology and
product suite, especially their entry into the private capital
markets space, which positions them well for continued
growth."
Goldman Sachs & Co. LLC and Morgan Stanley & Co. LLC
acted as joint financial advisors, and Weil, Gotshal & Manges
acted as legal counsel to Ipreo, Blackstone and Goldman Sachs
Merchant Banking.
The acquisition is expected to close in the second half of 2018,
subject to customary closing conditions and regulatory filings and
approvals, including with the UK Financial Conduct Authority and
under the U.S. Hart-Scott-Rodino Antitrust Improvements Act of
1976.
About Ipreo
Ipreo powers the networks that connect
capital to ideas. We are a leading global provider of financial
services technology, data and analytics, supporting all
participants in the capital-raising process, including banks,
public and private companies, institutional and individual
investors, as well as research, asset management and wealth
management firms. Our unique, cross-asset class solutions equip our
clients with the information and tools they need for more effective
decision-making and a more efficient workflow. Ipreo has nearly
2000 people serving clients in every major financial hub around the
world. For more information, visit www.ipreo.com.
About Blackstone
Blackstone is one of the world's
leading investment firms. We seek to create positive economic
impact and long-term value for our investors, the companies we
invest in, and the communities in which we work. We do this by
using extraordinary people and flexible capital to help companies
solve problems. Our asset management businesses, with $450 billion in assets under management, include
investment vehicles focused on private equity, real estate, public
debt and equity, non-investment grade credit, real assets and
secondary funds, all on a global basis. Further information is
available at www.blackstone.com. Follow Blackstone on
Twitter @Blackstone.
About Goldman Sachs Merchant Banking Division
Founded
in 1869, The Goldman Sachs Group, Inc. is a leading global
investment banking, securities and investment management firm.
Goldman Sachs Merchant Banking Division is the primary center for
the firm's long-term principal investing activity. With nine
offices across seven countries, Goldman Sachs MBD is one of the
leading private capital investors in the world with equity and
credit investments across corporate, real estate, and
infrastructure strategies. Since 1986, the group has invested
approximately $180 billion of levered
capital across a number of geographies, industries and transaction
types.