New York’s S&P Global, IHS win US antitrust approval for $44bn deal with conditions

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New York’s S&P Global, IHS win US antitrust approval for $44bn deal with conditions

S&P Global, the New York City-based American multinational business information provider, alongside London-based financial information company IHS Markit Ltd., had received a go-ahead signal from US anti-trust regulators for their slated $44 billion merger deal on conditions of a divestiture of some assets, the US Justice Department had told in a statement on Saturday.

Nevertheless, latest move from US anti-trust regulators came forth just a month after the EU anti-trust regulator had greenlighted the merger with conditions. Nonetheless, the deal was originally announced back in the November of 2020.

$44bn S&P Global Inc, IHS Markit Ltd. merger wins US anti-trust approval

According to US Justice Department, in a bid to approve the deal, the financial information providers from both sides of the Atlantic had agreed to divest three of IHS Markit Ltd’s PRA (Price Reporting Agency) businesses such as OPIS (Oil Price Information Services), CMM (Coals, Metals and Mining) alongside PCW (PetorChemWire).

News Corp had reached an accord to purchase the entities for a lump-sum of $1.15 billion back in August. Aside from that, due to the accord, retail gasoline information provider GasBuddy that used to crowdsource information from OPIS since 2009, would no longer be able to create a service, the US Justice Department added.

On top of that, adding that the divestiture deals would retain competition in relevant industries, the acting head of the US Justice Department’s Antitrust Division, Richard Power said in a statement shortly after the announcement, “The divestitures will preserve competition for PRA (price reporting agency) services, which are vital to the proper functioning of commodity markets and promote transparency in the financial markets”.