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BlackRock to Acquire Preqin for £2.55 Billion in Cash

Jul 1, 2024, 04:50 AM

BlackRock has agreed to acquire Preqin, a UK-based provider of private markets data, for £2.55 billion ($3.2 billion) in cash. This acquisition marks BlackRock's first significant move into the financial information sector and is part of its strategy to expand its presence in alternative assets. The deal, which involves a 13 times earnings multiple for Preqin, is expected to enhance BlackRock's data capabilities and support its Aladdin technology systems for managing risks and analyzing data in private asset markets. Preqin's founder is expected to become vice chair following the acquisition. The acquisition also positions BlackRock to potentially offer indexes and exchange-traded funds (ETFs) for private markets, further diversifying its investment research capabilities. BlackRock beat S&P Global and Bloomberg in securing the deal, and private equity firms had also shown interest in Preqin.