FactSet to pay more than $1.9 billion in cash to buy CUSIP Global Services from S&P Global

factset-to-pay-more-than-$1.9-billion-in-cash-to-buy-cusip-global-services-from-s&p-global

FactSet Research Systems Inc. FDS, +0.91% announced Monday an agreement to buy CUSIP Global Services (CGS) from S&P Global Inc. SPGI, -0.39% for $1.925 billion in cash. FactSet said it will fund the deal through a combination of cash-on-hand and committed financing. The deal is expected to close during the first quarter of 2022. FactSet said CGS, which has annual revenue of about $175 million, manages a database of 60 data elements identifying more than 50 million global financial instruments. “CGS is a unique asset with tremendous market recognition providing deep alliances across the financial industry,” said FactSet Chief Executive Phil Snow. “Its core competency in securities identification aligns well with FactSet’s industry leading data management capabilities.” Shares of FactSet and S&P Global were still inactive in premarket trading. So far this year, FactSet’s stock has soared 44.2% and S&P Global shares have run up 44.1%, while the S&P 500 SPX, +0.04% has advanced 25.8%.

Source: Marketwatch

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