CC, Proskauer steer S&P Global’s $1.8bn private markets data play

Clifford Chance and Proskauer have landed key roles on S&P Global's all-cash $1.8 billion acquisition of London-based private markets data provider With Intelligence, in a bid by the US analytics giant to strengthen its foothold in the booming private capital sector.

The deal - expected to complete by early next year - involves sellers including New York-based fintech investor Motive Partners, British private equity fund ICG and founder Charlie Kerr as well as other minority investors.

Behind the deal

With Intelligence, which serves around 3,000 clients worldwide, is expected to generate $130 million in revenue in 2025. The transaction gives S&P access to proprietary data from more than 30,000 private equity firms, 19,000 real estate investors and 17,000 hedge funds, as well as thousands of other private capital players.

Majority owner Motive Partners first invested in With Intelligence in 2023 at a valuation of £400 million (White & Case and Proskauer advised on that one).

Since then, the intelligence company has expanded rapidly through a string of bolt-on acquisitions, including PE deal tracker SPS from Bain & Company last November, M&A/PE publication The Deal from Delinian in February and real estate data platform Realfin in March.

Bigger picture

The sale highlights growing competition in the market data and analytics space, where consolidation has accelerated in recent years. LSEG acquired Refinitiv from Thomson Reuters and Blackstone for $27 billion in 2021, while S&P Global completed its own $44 billion acquisition of IHS Markit the following year.

It also follows S&P’s failed attempt last year to buy With Intelligence rival Preqin, which was ultimately snapped up by BlackRock for £2.5 billion (Skadden and Macfarlanes led that one).

Advising

Clifford Chance advised S&P Global on the deal, led by London corporate partners Dominic Ross and Melissa Fogarty.

Proskauer advised With Intelligence, led by private equity M&A partners Richard Bull and Liam Arthur.

London firm Joelson advised the founder and management team of With Intelligence, led by managing partner Phil Hails-Smith.