03:40 AM EDT, 07/01/2024 (MT Newswires) -- BlackRock ( BLK ) said Sunday it has agreed to acquire private markets data provider Preqin for 2.55 billion British pounds ($3.23 billion) in cash.

The transaction is expected to close before the end of 2024, subject to regulatory approvals and customary closing conditions.

BlackRock ( BLK ) said it plans to combine Preqin's data and research tools with its other portfolio company Aladdin's eFront workflow systems to create a platform to collect and distribute private markets data for fund managers and investors.

Preqin is owned by its management and employees together with Valhalla Ventures.

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