Data giantS&P Global Inc has agreed to buyIHS Market Lts in a deal worth $44 billion that will be 2020’s biggest merger, creating a heavyweight in the increasingly competitive market in financial information. The mega deal, which includes $4.8 billion of debt, is a sign that deal-making activity is accelerating as breakthroughs in developing COVID-19 vaccines improve the economic outlook.
Deals touched a record high in the September quarter, with more than $1 trillion worth of transactions, mostly focused on coronavirus-resilient sectors such as technology and healthcare, according to Refinitiv data. Under the terms of the deal, each share of IHS Markit will be exchanged for a fixed ratio of 0.2838 shares of S&P Global stock, the two companies said in a statement. Once the deal is completed, S&P Global shareholders will own roughly 67.75% of the combined company on a fully diluted basis, while IHS shareholders will own about 32.25%.
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