BlackRock acquires UK data firm Preqin for $3.23 billion

BlackRock acquires Preqin: BlackRock, the world’s largest asset manager, has agreed to purchase UK data firm Preqin for £2.55 billion ($3.23 billion) in cash.
In a statement, BlackRock explained that the acquisition will improve its Aladdin technology business by integrating data, research, and investment processes for fund managers. Aladdin is BlackRock's portfolio management software that allows investment professionals to manage their daily investments efficiently.

"Together with Preqin, we can make private market investing easier and more accessible while building a better-connected platform for investors and fund managers," said Sudhir Nair, global head of BlackRock's Aladdin.

Despite the acquisition, Preqin will continue to operate as an independent entity. BlackRock anticipates that Preqin will generate approximately $240 million in recurring revenue in 2024, with an annual growth rate of around 20 per cent over the past three years.

Founded in 2003, Preqin specialises in data for the alternative investment industry and has subscribers in over 90 countries. The UK-based company’s founder, Mark O'Hare, will join BlackRock as a vice chair following the transaction's completion.

The acquisition comes after Reuters reported in early June that potential bidders for Preqin included the London Stock Exchange Group and S&P Global.

(with Reuters inputs)