BlackRock Shares Rose, Agrees to Acquire Preqin for $3.23 Billion

On Friday, BlackRock shares increased as it agreed to buy UK data firm Preqin for $3.23 billion in cash to expand to the private markets data segment.

It jumped by 0.79% to $787.32 per share on June 28 and went up by 0.03% to $787.57 in the after-hours on Sunday.

According to the investment company, the acquisition aligns with its Aladdin tech business by integrating data, research, and investment approaches.

Aladdin is the company’s software that manages portfolios, offering investment professionals strategies to manage daily investments.

Meanwhile, Preqin will still be offered as a standalone solution. BlackRock mentioned that the UK firm will accumulate around $240.00 million of recurring revenue in 2024. Also, it hit a 20.00% growth per year in the last three annual periods.

In early June, reports stated that the London Stock Exchange Group and S&P Global were among the promising bidders for Preqin.

Moreover, its founder, Mark O’Hare, will enter BlackRock as vice-chair after the transaction closes.

In addition, Sudhir Nair, global head of BlackRock’s Aladdin, said the acquisition can make investing easier for private markets. He added that the effort aims to make it more accessible as they establish a better-connected platform for investors and fund managers.

Google and BlackRock Boosts Taiwanese Solar Power

The US tech giant Google will work with BlackRock to build a one-gigawatt pipeline of new solar capacity in Taiwan. The company plans to improve energy capacity and reduce carbon emissions brought about by the rise of artificial intelligence (AI).

Its deal with the Alphabet-owned firm to generate capital investment waits for approval from the Taiwanese New Green Power regulators. The regulators’ signal is required to run the buildout of the large-scale solar pipeline project.

Based on the statements of BlackRock’s global head of climate infrastructure, there is a growth in demand for digital services. However, its acceleration driven by AI makes it challenging to invest in clean energy.