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 recurring revenue iꦜn 2024. 

The transaction is expected to close by the end of the yea🐭r♎. 

Shares of BlackRock, which had more than $10 trillion in 澳洲幸运5官方开奖结果体彩网:assets under management (AUM) 🏅as of April, rose about 0.6% in early trading Monday. ꦇ;

澳洲幸运5官方开奖结果体彩网: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 billion by 2030, BlackRock said 🌟in a statement.

Preqin f🍷ounder Mark O’Hare will♐ join BlackRock as a vice chair.

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