ICE gains approval for S&P Global acquisitions 18 August 2016Atlanta Reporter: Stephanie Palmer
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The Intercontinental Exchange (ICE) has received approval from the US Department of Justice for its acquisition of two S&P Global Assets, and expects to close on the transaction in October.
The global exchange and clearinghouse operator will acquire S&P’s Securities Evaluations (SPSE) and the Credit Market Analysis (CMA) business, both currently part of the S&P Global Market Intelligence Division.
Both SPSE and CMA will become part of ICE Data Services.
According to ICE, the acquisition is intended to offer clients access to new data and valuation services. The acquisition agreement was first announced in March, and ICE anticipates funding the transaction with cash.
Lynn Martin, president and COO of ICE Data Services, said: “We believe this transaction will support ICE Data Services’s strong commitment to drive innovation and best-in-class service to meet our customers’ growing data needs.”
When the transaction was announced in March, Mike Chinn, president of S&P Global Market Intelligence, said: “After a strategic review of our portfolio, we determined that we do not have critical mass in the area of securities pricing.”
He added: “ICE is positioned to expand coverage in derivatives and offer a multi-asset class, comprehensive source for pricing and reference data, so clients of SPSE and CMA will benefit as well.”
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