Blackrock buys British data provider Preqin for 2.55 billion pounds
The British financial data provider Preqin is sold to the US fund giant Blackrock for approximately three billion Euros. Blackrock aims to strengthen its Aladdin software division with the acquisition, which enables wealth managers to plan and monitor their portfolios.
Founded in 2003, Preqin collects data on financial investors and hedge funds, as well as their investors. Blackrock reportedly paid 2.55 billion pounds for Preqin. According to sources, Blackrock outbid the London Stock Exchange and S&P Global, among others. The Financial Times reported that Bloomberg had also bid for Preqin.
The acquisition is expected to generate around 240 million dollars in revenue for Blackrock this year. The business has grown by over 20% per year in the past three years. More than 200,000 customers in 90 countries pay for data on 60,000 providers of 190,000 closed funds and 30,000 investors. Preqin founder Mark O'Hare, who was previously the largest shareholder, will join Blackrock's board of directors.
- Preqin, known for its data on hedge funds and financial investors, was acquired by the American behemoth Blackrock for a staggering 2.55 billion pounds, making it one of their largest billion-dollar acquisitions.
- Blackrock, the worldwide leader in investment management, has vastly expanded its Aladdin software division with the acquisition of Preqin, a renowned data provider, bolstering their capacity to gather data from 60,000 providers of hedge funds.
- In the aftermath of the acquisition of Preqin, a leading data collection firm specializing in hedge funds and investors, by Blackrock for three billion Euros, Blackrock's forecasted revenue in pounds from this venture is projected to amount to around 240 million.
