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S&P Global to acquire private markets data firm With Intelligence for $1.8 billion

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S&P Global has agreed to acquire With Intelligence, a London-based provider of private markets data and analytics, in a $1.8 billion deal, the company announced on Wednesday. The acquisition aims to expand S&P Global’s footprint in the rapidly growing private markets sector.

Founded in 1998, With Intelligence serves around 3,000 clients globally, offering analytics and intelligence for alternative investments, including private equity, credit, and infrastructure. The firm is expected to generate $130 million in revenue in 2025, with annual contract value growth projected in the high teens.

The transaction is expected to close in late 2025 or early 2026, and S&P Global said it anticipates the deal will add to adjusted earnings per share by 2027. Citi acted as the financial advisor to S&P Global, while Centerview Partners advised With Intelligence.

The move comes amid growing investor interest in private markets, as rising interest rates and limited exits have put pressure on valuations in public markets. As traditional markets show signs of volatility, investors are increasingly turning toward alternative assets for diversification and yield.

The acquisition aligns S&P Global with a broader industry trend. Major financial institutions such as BlackRock have made significant pushes into private markets, including its $12.5 billion acquisition of Global Infrastructure Partners, its $3.2 billion deal for Preqin, and its $12 billion purchase of HPS Investment Partners earlier this year.

Private markets also received a boost from U.S. President Donald Trump’s executive order in August, which seeks to expand 401(k) access to private equity and private credit investments.

Philippine Fintech GCash Plans Up to $1.5 Billion IPO, Sources Say

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GCash, a leading Philippine fintech company, has enlisted major banks, including Citi, Jefferies, and UBS, to assist in a potential initial public offering (IPO) that could raise as much as $1.5 billion. If successful, the IPO would mark the largest ever in the Philippines, surpassing the $1 billion IPO of food company Monde Nissin in 2021.

The IPO is tentatively scheduled for the second half of 2025 or 2026, depending on market conditions. However, GCash’s listed affiliate, Globe Telecom, stated that no final decisions have been made about the IPO at this time, but the company is preparing for an IPO when the right opportunity arises.

Sources familiar with the matter revealed that banks including Citi, HSBC, Jefferies, JPMorgan, Morgan Stanley, and UBS have been appointed for the IPO. Although the involved banks declined to comment, the move has raised significant interest, especially as the Southeast Asian IPO market saw a 43% drop in total proceeds in 2024.

GCash is a dominant player in the Philippines’ cashless ecosystem, offering services such as money transfers and bill payments. In 2023, GCash’s parent company, Globe Fintech Innovations (Mynt), raised investments from Ayala Corp and Mitsubishi UFJ Financial Group, giving the fintech company a valuation of $5 billion, more than double its previous valuation.