S&P provides concessions in bid for EU okay for IHS Markit deal

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BRUSSELS, Oct 4 (Reuters) – Business data supplier S&P Global Inc (SPGI.N) has supplied concession in an try to safe EU antitrust approval for its $44 billion purchase of IHS Markit Ltd, a European Commission submitting confirmed on Monday.

S&P introduced the deal to create a brand new information powerhouse final November, underscoring the consolidation within the monetary data companies trade, as firms race to create one-stop outlets to lure the largest purchasers and spend money on synthetic intelligence and machine studying.

S&P submitted its provide on Friday to the EU competitors enforcer, which prolonged its deadline for a call to Oct. 22 from Oct. 8.

The Commission, which didn’t present particulars according to its coverage, will now search suggestions from rivals and clients earlier than deciding whether or not to just accept the proposal, demand extra or open a four-month lengthy investigation.

To handle regulatory issues in regards to the deal, S&P struck a deal in August to promote its U.S oil pricing company Oil Price Information Service (OPIS) and associated belongings to News Corp (NWSA.O), topic to the closing of its IHS Markit deal. learn extra

The UK competitors company can be investigating the deal, with a call to be introduced on Oct. 19.

Thomson Reuters, father or mother of Reuters News, competes with Platts, Argus and OPIS in offering information and knowledge to the oil markets.

Reporting by Foo Yun Chee; enhancing by Philip Blenkinsop

The S&P Global logo is displayed on its offices in the financial district in New York City, U.S., December 13, 2018. REUTERS/Brendan McDermid