Competition watchdog to probe £33bn merger between financial data companies S&P Global and IHS Markit
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The competition watchdog has launched an inquiry into the £33billion merger between S&P Global and IHS Markit.
The Competition and Markets Authority (CMA) said it would make a decision by October 19 on whether to refer the tie-up between the financial data companies for an in-depth probe.
S&P announced the acquisition of IHS late last year, aiming to create a business which would rival financial markets powerhouses such as Refinitiv and Bloomberg.
Data merger: The Competition and Markets Authority said it would make a decision by October 19 on whether to refer the tie-up between the financial data companies for an in-depth probe
Though S&P and IHS are based in the US, both have sizeable businesses in the UK.
S&P runs several stock market indices in Europe and provides analysis for investors, while IHS compiles valuable data including the closely watched PMIs, which give an indication of economic activity.
IHS has already agreed to sell several units to Rupert Murdoch’s News Corp to allay competition regulators’ concerns.
But the deal could be at risk if the CMA does not approve the S&P-IHS merger.
It comes at a time of sweeping consolidation in the financial services data space.
The London Stock Exchange Group won approval for its £20billion takeover of Refinitiv at the start of this year, and last week it emerged that Chicago financial exchanges CME Group and Cboe Global Markets were in merger talks.