BlackRock Inc (NYSE: BLK) announced on Sunday that it has entered into an agreement to acquire British data firm Preqin for £2.55 billion ($3.2 billion), expanding its footprint in the alternative investments sector.
According to a press release from BlackRock, the asset manager plans to integrate Preqin’s data and research tools into its Aladdin platform. The acquisition is expected to generate $240 million in estimated revenue for 2024.
Earlier media reports in June had mentioned that London Stock Exchange Group PLC (LON: LSEG) and S&P Global Inc (NYSE: SPGI) were also potential bidders for Preqin.
Preqin is known for its specialization in data related to the alternative investments industry, tracking the performance of private equity and hedge funds.
