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BlackRock to Acquire UK Data Group Preqin for $3.2 Billion

BlackRock has agreed to acquire UK data firm Preqin for £2.55 billion ($3.23 billion) in cash, marking an expansion by the world’s largest asset management company into the private markets data sector.

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In a statement, BlackRock (NYSE: BLK) announced that the acquisition would enhance its Aladdin technology business by integrating data, research, and investment processes for fund managers. Aladdin, BlackRock’s portfolio management software, provides investment professionals with tools to manage daily investments effectively.

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Despite the integration, Preqin will continue to be offered as a standalone solution.

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BlackRock highlighted that Preqin is projected to generate approximately $240 million in recurring revenue in 2024, having experienced an annual growth rate of around 20% over the past three years. Founded in 2003, Preqin specializes in data related to the alternative investment industry and has subscribers in over 90 countries, according to the UK’s company register.

Reuters previously reported that potential bidders for Preqin included the London Stock Exchange Group (LON: LSEG) and S&P Global.

Following the transaction, Preqin’s founder, Mark O’Hare, will join BlackRock as a vice chair.

The Financial Times was the first to report on the deal.

“Together with Preqin, we can make private markets investing easier and more accessible while building a better-connected platform for investors and fund managers,” said Sudhir Nair, global head of BlackRock’s Aladdin.

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