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.
Related: S&P Offers Concessions To EU For IHS Markit Deal
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.
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