Business information provider S&P Global is set to secure EU antitrust approval for its US$44 billion takeover of IHS Markit, three people familiar with the matter said, taking it a step closer to becoming a data powerhouse.
The deal, announced last November, reflects the consolidation in the financial information services sector as companies race to create one-stop shops to lure the biggest clients and invest in artificial intelligence and machine learning.
S&P shares reversed earlier losses and were up 1% in early mid-trade after publication of Reuters’ report on the approval, while IHS shares added gains to trade 1.3% higher.
S&P managed to address the European Commission’s concerns with its offer to sell IHS’ US Oil Pricing Agency Oil Price Information Service (OPIS) and PetroChem Wire businesses, the people said.
It struck the US$1.15 billion deal with News in August, subject to the closing of the IHS Markit acquisition.
S&P Global ranks a distant third by annual revenue behind Bloomberg and Refinitiv, based on market research firm Burton-Taylor. While the acquisition of IHS Markit, the No. 8 player, would not change that ranking, it would accelerate S&P Global’s growth.
Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.