BlackRock to buy data provider Preqin in $3.2B deal (NYSE:BLK)

BlackRock (NYSE:BLK) said Sunday night it agreed to acquire U.K. private markets data provider Preqin for £2.55B (~$3.2B) in cash, a deal it said will add a highly complementary data business to its investment technology.

BlackRock (BLK) said combining Preqin’s data and research tools with Aladdin’s complementary workflow capabilities in a unified platform will “create a pre-eminent private markets technology and data provider.”

In 2024, Preqin is expected to generate ~$240M of highly recurring revenue and has grown ~20% annually in the last three years.

The deal is BlackRock’s (BLK) second major acquisition this year to expand into the fast-growing world of private markets investing; the firm said in January it would buy Global Infrastructure Partners for ~$12.5B.