BlackRock to buy UK data group Preqin for $3.2 bln

BlackRock has agreed to acquire UK data firm Preqin for £2.55 billion ($3.23 billion) in cash, enhancing its presence in the private markets data sector. The acquisition will integrate Preqin's data and research capabilities with BlackRock's Aladdin portfolio management software. Preqin will remain available as a standalone solution. Expected to generate $240 million in recurring revenue in 2024, Preqin has grown 20% annually over the past three years. Founder Mark O'Hare will join BlackRock as vice chair. Sudhir Nair, BlackRock's Aladdin head, emphasized the goal of making private markets investing more accessible.