The U.K.’s antitrust regulator has given BlackRock the green light to acquire private markets data firm Preqin.
The Competition and Markets Authority in December launched an investigation into $11.6 trillion money management giant BlackRock’s $3.2 billion deal to purchase U.K.-based Preqin.
The preliminary phase of the investigation by the CMA, which began Dec. 16 under the Enterprise Act 2022, looked at whether the acquisition “may be expected to result in a substantial lessening of competition within any market or markets in the United Kingdom for goods or services,” it said. The regulator first requested industry comments on the deal on Dec. 4.
BlackRock is “pleased to receive regulatory approval from the CMA to complete our acquisition of Preqin,” a statement provided by a spokesperson said. “We are excited to bring together Preqin’s deep data capabilities with BlackRock’s technology and investment platform to make investing in private markets easier and more accessible for clients.”
The deal, due to close by the end of the year, is set to expand BlackRock’s Aladdin technology and data platform capabilities, and to unlock an additional $8 billion in addressable market.
Data provider Preqin was founded in 2003 and is based in London. It has 16 offices across the globe, covers 190,000 funds, 60,000 money managers and 30,000 private markets investors.
The CMA said it would publish full information on the clearance decision “shortly.”
Without clearance, the investigation would have moved to phase 2 of the CMA’s process, with an inquiry group appointed to look into the deal, according to a document on the regulator’s website. The group would include representatives from areas including law, economics, business and consumer policy, and review evidence and analysis gathered in the first phase.
