The UK Competition and Markets Authority (CMA) has announced the assessment of the anticipated acquisition of Preqin by BlackRock, which could potentially reshape the private markets data landscape.
The CMA’s inquiry will determine if the £2.55bn ($3.2bn) deal may lead to a substantial lessening of competition within the UK.
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The watchdog announced the commencement of its merger inquiry, inviting comments from interested parties.
This preliminary stage, which precedes a formal investigation, seeks to gather insights on the transaction’s potential effects on competition in the UK.
The CMA is considering the implications of the merger under the Enterprise Act 2002. They are evaluating whether the acquisition could result in a relevant merger situation that may negatively impact competitive conditions in the UK.
In June this year, BlackRock reached an agreement to acquire Preqin, an independent provider of private markets data, for approximately $3.2bn in cash.
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By GlobalDataThe acquisition is expected to enhance BlackRock’s technology offerings by integrating Preqin’s extensive data and research tools with Aladdin’s workflow capabilities.
Preqin offers extensive coverage, including 190,000 funds, 60,000 fund managers, and 30,000 private market investors, serving over 200,000 users such as asset managers, insurers, pensions, wealth managers, and banks.
For the fiscal year 2024, the company is projected to generate around $240m in highly recurring revenue, having experienced an annual growth rate of approximately 20% over the past three years.
Recently, BlackRock also agreed to acquire private credit manager HPS Investment Partners in a $12bn all-stock deal.
