Financial Data Service Provider

Larry Fink makes racy salvo in private markets war

1 Jul 2024

BlackRock will buy UK buyout fund data provider Preqin for $3.2 bln, muscling aside rivals like S&P. It’s a rich price that will take years to pay off. While CEO Fink has a history of savvy deals, higher rates and acute competition in alternative assets both raise the stakes.

LSEG data drive shows everywhere except its stock

6 Aug 2021

Financial information now brings in roughly two-thirds of the $60 bln London Stock Exchange owner’s revenue. Yet its shares trade closer to European exchange operators than more highly valued data purveyors. CEO David Schwimmer faces a long haul to win over sceptical investors.

China’s prolonged credit-scoring saga amasses risk

24 Jun 2021

Ant may be trying to wriggle out of a co-op with rivals by forming a venture with state-owned companies. That would be better for the fintech giant, but not necessarily for the public. As consumer debt grows, Beijing’s inability to devise a decent system wastes precious time.

LSE’s big deal makes its fortunes data-dependent

1 Feb 2021

The London Stock Exchange Group’s takeover of Refinitiv, which has closed after 18 months, lifts its value to $82 bln including debt. Most revenue now comes from charging for information, not handling trades. Investors aren’t giving CEO David Schwimmer full credit for the shift.

Could Bill Ackman’s SPAC buy Bloomberg or Airbnb?

21 Oct 2020

The media firm and the home-sharing app have both been reported as possible targets for the activist hedge fund manager’s blank-check company. His $5 billion hook could land a big fish by taking a small stake. But large, well-known private firms don't need a SPAC to go public.

HKEX bids $37 bln to halt London rival’s escape

11 Sep 2019

Hong Kong’s exchange is dangling a 23% premium to LSE shareholders if they reject a $27 bln deal with data provider Refinitiv. It’s a last-ditch attempt to snag the perennial takeover target. But the tie-up has only vague financial benefits and faces a tricky political reception.

U.S. exchanges have reasons to stay in their lanes

1 Aug 2019

ICE and CME show no interest in butting in on data outfit Refinitiv, the LSE’s $27 bln target. The NYSE owner is pushing into fixed-income data, while CME is dominant in futures. Exchanges may yet consolidate further, but the big players have plenty to do on their own turf.

Refinitiv’s unequal exchange

1 Aug 2019

As the London Stock Exchange reveals plans to merge with data provider Refinitiv, run the numbers to see which of the target’s backers, Blackstone and Breakingviews parent Thomson Reuters, comes off best.

Thomson Reuters beats Blackstone in Refinitiv deal

1 Aug 2019

If the financial data provider clinches a $27 bln takeover by the London Stock Exchange, the buyout firm will make a handsome return. Yet an insurance policy designed to protect its downside works in its Canadian co-investor’s favour. Thomson Reuters may almost triple its money.

LSE’s data download needs growth to add up

1 Aug 2019

The stock exchange operator confirmed its $27 bln takeover of financial information provider Refinitiv. To earn an adequate return on investment, CEO David Schwimmer will have to cut costs, but also find new sources of revenue. LSE shareholders’ expectations are already high.

Blackstone’s quick data flip is a paper two bagger

27 Jul 2019

Less than 12 months after buying Thomson Reuters’ financial data unit, the buyout firm is in talks to sell Refinitiv to London Stock Exchange in a $27 bln deal. There are risks, notably what Brexit could do to LSE shares, but an implied money doubling provides plenty of cushion.

Equifax shows how little it values consumers

22 Jul 2019

The credit-scoring firm gathers troves of sensitive financial information, making it systemically important. Yet it’s paying less than $3 in compensation for each of the nearly 150 mln Americans affected by its 2017 data breach. That provides little incentive to tighten security.

Mergermarket’s fourth owner faces the toughest job

13 May 2019

BC Partners is selling the M&A-news service to Ion Group for $1.8 bln. The Irish software and data group is paying by far the highest multiple yet, and buying from private equity brings added risk. It’s putting a lot of faith in sticky clients and cross-selling products.

Equifax and FICO give hackers a bigger target

27 Mar 2019

The U.S. credit-scoring firms are teaming up to offer banks new ways to judge borrowers’ soundness. Fresh metrics could help some get credit more easily. But a wider trove of data collected without its subjects’ consent, and Equifax’s record of breaches, suggest plenty of risk.

Blackstone gets “insurance” on $20 bln F&R deal

18 Jul 2018

Its buyout of Thomson Reuters’ financial-data arm comes with features that enhance the seller’s upside if things go very well – but leaves Steve Schwarzman’s investment firm in better shape if things wobble. That ought to help hold the Canadian group’s feet to the fire.

Blackstone could double its money betting on data

30 Jan 2018

The buyout firm is taking control of Thomson Reuters’ financial unit in a $20 bln deal. With a shade more efficiency and some acquisition-led growth, Blackstone could generate a generous return. The risk comes from adding financial leverage to a cyclical, competitive industry.