BlackRock (BLK) has agreed to buy private markets data provider Preqin in a £2.55 billion (US$3.2 billion) cash deal, the world’s largest asset manager announced Sunday.

In acquiring ✅privately held UK firm Preqin, BlackRock is augmenting its Aladdin financial technology platform with an infusion of private market data and research tools. BlackRock expects the firm to bring in roughly $240 million in recur𝄹ring revenue in 2024. 

The transaction is expected to close by the end of the♉ year. 

Shares of BlackRock, which had more than $10 trillion in 澳洲幸运5开奖号码历史查询:assets under management (AUM) as🎐 of April, rose about 0.6% in early trading Monday♒. 

澳洲幸运5开奖号码历史查询:Private markets data represents an estimated total addressable market of $8 billion that is growing at a rate of 12% annually and could reach $18 b🅷illion by 2030, BlackRock said in a statement.

Preqin founder Mark O’Hare will join BlackRock as a vice ജchair.

“BlackRock is known for excellence in both investment management and financial technology, and together we can accelerate our efforts t🌱o deliver better private markets data and analytics to𒁏 all of our clients at scale,” O’Hare said in a statement.