By Amy-Jo Crowley, Oliver Hirt and Andres Gonzalez
LONDON (Reuters) – Swiss inventory market operator SIX Group is weighing choices for its monetary info unit, together with probably merging it with one other participant, in response to three individuals with information of the matter.
The group needs to maintain a majority stake within the enterprise and will create a brand new authorized entity for it, two of the individuals stated, requesting anonymity because the discussions are confidential.
Carving out the enterprise may facilitate merging the unit with one other firm or promoting a stake to a monetary investor comparable to a non-public fairness agency, one of many individuals stated.
Monetary information suppliers have been altering palms at elevated valuation multiples in recent times as alternate operators and monetary buyers search to revenue from growing demand for information on the monetary companies trade.
Current offers embrace Blackrock’s 2.55 billion pound takeover of Preqin earlier this yr and Deutsche Boerse’s $2.2 billion acquisition of Institutional Shareholder Providers in 2020. The London Inventory Alternate Group (LON:) additionally purchased Refinitiv, the previous Monetary & Danger enterprise of Thomson Reuters (NYSE:), in 2019 for $27 billion.
The sources stated preparations are at an early stage, including {that a} choice has but to be taken and a monetary adviser has not been appointed.
Requested whether or not the sale of a minority stake in SIX Monetary Data was an choice, a SIX spokesperson stated the group didn’t touch upon market hypothesis.
The spokesperson added that the info enterprise was a central a part of the group’s development technique, and that it wished to develop organically in addition to by way of acquisitions.
“There is no plan to sell the data business,” the spokesperson stated.
SIX’s monetary info unit posted earnings earlier than curiosity, tax, depreciation and amortization of 55 million Swiss francs ($65.11 million), in response to its newest annual report.
Whole working earnings for the enterprise elevated by 4% to 406.9 million francs for 2023 because it launched new merchandise and partnerships.
Discussions concerning the monetary info unit come throughout a troublesome buying and selling interval for SIX.
The group, which is owned by round 120 banks, reported a lack of greater than 1 billion francs throughout the identical yr. It misplaced greater than 862.3 million francs on its 10.5% stake in Worldline, whose inventory has fallen by greater than 70% during the last yr.
SIX Group CEO Jos Dijsselhof informed Reuters in March that it dominated out making a bid for Allfunds after finding out an acquisition, including it will pursue offers that may broaden its information enterprise or give it entry to new asset courses.
($1 = 0.8447 Swiss francs)
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