S&P offers concessions in bid for EU okay for IHS Markit deal
Business information provider S&P Global Inc SPGI.N has offered concession in an attempt to secure EU antitrust approval for its $44 billion buy of IHS Markit Ltd, a European Commission filing showed on Monday.
S&P announced the deal to create a new data powerhouse last November, underscoring the consolidation in the financial information services industry, as companies race to create one-stop shops to lure the biggest clients and invest in artificial intelligence and machine learning.
S&P submitted its offer on Friday to the EU competition enforcer, which extended its deadline for a decision to Oct. 22 from Oct. 8.
The Commission, which did not provide details in line with its policy, will now seek feedback from rivals and customers before deciding whether to accept the proposal, demand more or open a four-month long investigation.
To address regulatory concerns about the deal, S&P struck a deal in August to sell its U.S oil pricing agency Oil Price Information Service (OPIS) and related assets to News Corp NWSA.O, subject to the closing of its IHS Markit deal.
The UK competition agency is also investigating the deal, with a decision to be announced on Oct. 19.
Thomson Reuters, parent of Reuters News, competes with Platts, Argus and OPIS in providing news and information to the oil markets.
Source: Reuters (Reporting by Foo Yun Chee; editing by Philip Blenkinsop)