Stock Monitor: Collectors Universe Post Earnings Reporting
LONDON, UK / ACCESSWIRE / May 23, 2018 / If you want access to our free research report on IHS Markit Ltd (NASDAQ: INFO), all you need to do is sign up now by clicking the following link www.active-investors.com/registration-sg/?symbol=INFO as the Company's latest news hit the wire. On May 21, 2018, the Company announced that it has inked a deal to acquire Ipreo Holdings LLC ("Ipreo"), which is a leading financial services solutions and data provider, from private equity funds managed by Blackstone and the Goldman Sachs Merchant Banking Division, for approximately $1.855 billion. Register today and get access to over 1,000 Free Research Reports by joining our site below:
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- The acquisition, expected to close in the second half of 2018, is subject to customary closing conditions and regulatory filings and approvals, including with the UK Financial Conduct Authority and under the US Hart-Scott-Rodino Antitrust Improvements Act of 1976.
- The purchase price represents an effective 2019 forward Adjusted EBITDA multiple of 16x. This high-growth business is expected to achieve double-digit organic growth in 2019, and be accretive to 2019 IHS Markit's adjusted earnings per share (EPS).
- IHS Markit will fund the transaction with existing debt. The Company's expected leverage ratio as defined in its credit facility is expected to be approximately 3.6x at close, deleveraging to below 3.0x by the third quarter of 2019.
- IHS Markit will suspend its share repurchase program until leverage falls back into its targeted leverage range of 2x - 3x.
- HSBC will act as sole lead arranger and book runner for the committed debt financing for the acquisition of Ipreo.
IHS Markit to Sell its Derivatives Processing Business MarkitSERV
On May 21, 2018, IHS Markit also announced that, following a detailed review of its financial services businesses as part of a disciplined capital allocation strategy, the Company has initiated a process to sell MarkitSERV, its derivatives processing business. MarkitSERV is a leading provider of end-to-end trade processing and workflow solutions across OTC derivatives asset classes.
Ipreo's Services are a Logical and Highly Complementary Extension to IHS Markit's Financial Services Business
Lance Uggla, Chairman and Chief Executive Officer (CEO) of IHS Markit, stated that Ipreo has an extremely strong brand in financial markets and its services are a logical and highly complementary extension to IHS Markit's financial services business and its customer base. Uggla added that across multiple product lines, the Company will deliver a more comprehensive service that will allow clients to streamline their workflow and make quicker and better decisions.
IHS Markit is a Great Fit for Ipreo in Culture, Market Approach, and Focus on Customer Service
Commenting on the acquisition, Kevin Marcus, President and Chief Operating Officer (COO) of Ipreo, stated that with the support of its sponsors, Ipreo had a phenomenal four years of growth and game-changing new initiatives. Marcus added that IHS Markit is a great fit for Ipreo, in culture, market approach, and focus on customer service, and is also a great home for the Company to continue its trajectory of success.
Blackstone and Goldman Sachs Merchant Banking Division's Acquisition of Ipreo from KKR
In April 2014, Ipreo signed a deal to be acquired by private equity funds managed by Blackstone and by the Goldman Sachs Merchant Banking Division (together, "The Sponsors"). The Sponsors acquired the business from affiliates of Kohlberg Kravis Roberts & Co. L.P. ("KKR"), who retained a minority ownership stake in the business. The terms of the transaction were not disclosed.
Since Blackstone and Goldman Sachs' investment in 2014, Ipreo has grown its revenues by nearly 60%. Ipreo completed three transformative acquisitions to form its fast-growing Private Capital Markets segment; launched several major new products, including an expansion into the buyside; created blockchain and data-related joint ventures; and significantly expanded its presence globally.
About Ipreo Holdings LLC
Ipreo is a leading global provider of financial services technology, data, and analytics. Founded in 2006 and headquartered in New York City, New York, Ipreo supports all participants in the capital-raising process, including banks, public and private companies, institutional and individual investors, research, asset management, and wealth management firms.
About IHS Markit Ltd
Headquartered in London, United Kingdom, IHS Markit is a global leader in information, analytics, and solutions for the major industries and markets that drive economies worldwide. IHS Markit serves more than 50,000 key customers in over 140 countries, including 85% of the Fortune Global 500.
Stock Performance Snapshot
May 22, 2018 - At Tuesday's closing bell, IHS Markit's stock slightly fell 0.64%, ending the trading session at $51.27.
Volume traded for the day: 1.70 million shares.
Stock performance in the last month – up 4.53%; previous three-month period – up 10.38%; past twelve-month period – up 14.70%; and year-to-date - up 13.55%
After yesterday's close, IHS Markit's market cap was at $20.46 billion.
Price to Earnings (P/E) ratio was at 46.48.
The stock is part of the Services sector, categorized under the Business Services industry.
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