S&P Global and IHS Markit receive conditional approval from European Commission concerning merger
25 October 2021 UK
Image: VectorMine
S&P Global and IHS Markit have received conditional approval for their US$44 billion merger from the European Commission (EC).
As previously announced, the companies have agreed to divest IHS Markit's Oil Price Information Services, Coal, Metals and Mining, and PetroChem Wire businesses, and are exploring a divestiture of IHS Markit's base chemicals business in response to concerns raised by the UK's Competition and Markets Authority.
In response to further concerns raised by the EC, S&P Global has committed to divest CUSIP Global Services and its Leveraged Commentary and Data (LCD) business, together with a related family of leveraged loan indices.
Both the merger and the divestitures remain subject to further review and approval by global regulators and antitrust authorities, including in the US and Canada, and the companies say they will both continue to “work constructively” with those authorities.
The merger is expected to close in the first quarter of 2022, subject to all regulatory approvals.
Douglas Peterson, president and CEO of S&P Global, comments:"The EC's decision provides clarity on the steps we will need to implement to complete our combination. Once concluded, I expect the merger of these two great businesses to accelerate innovation within our core services and generate exciting new opportunities that deliver on our capacity to power the markets of the future."
Lance Uggla, chairman and CEO of IHS Markit, says: "Our teams have been working closely with the relevant regulatory authorities to achieve this important milestone for our merger. Once combined, the new company will deliver a broader set of information and insights that will drive the growth and performance of our customers."
As previously announced, the companies have agreed to divest IHS Markit's Oil Price Information Services, Coal, Metals and Mining, and PetroChem Wire businesses, and are exploring a divestiture of IHS Markit's base chemicals business in response to concerns raised by the UK's Competition and Markets Authority.
In response to further concerns raised by the EC, S&P Global has committed to divest CUSIP Global Services and its Leveraged Commentary and Data (LCD) business, together with a related family of leveraged loan indices.
Both the merger and the divestitures remain subject to further review and approval by global regulators and antitrust authorities, including in the US and Canada, and the companies say they will both continue to “work constructively” with those authorities.
The merger is expected to close in the first quarter of 2022, subject to all regulatory approvals.
Douglas Peterson, president and CEO of S&P Global, comments:"The EC's decision provides clarity on the steps we will need to implement to complete our combination. Once concluded, I expect the merger of these two great businesses to accelerate innovation within our core services and generate exciting new opportunities that deliver on our capacity to power the markets of the future."
Lance Uggla, chairman and CEO of IHS Markit, says: "Our teams have been working closely with the relevant regulatory authorities to achieve this important milestone for our merger. Once combined, the new company will deliver a broader set of information and insights that will drive the growth and performance of our customers."
NO FEE, NO RISK
100% ON RETURNS If you invest in only one asset servicing news source this year, make sure it is your free subscription to Assegt Servicing Times
100% ON RETURNS If you invest in only one asset servicing news source this year, make sure it is your free subscription to Assegt Servicing Times
