- Preqin employees get paid after BlackRock acquired the company for $3.2 billion.
- The employees will share about $650 million, making some of them millionaires.
- Preqin founder Mark O’Hare and his wife will walk away with about $2 billion after taxes.
Some Preqin employees are set to receive a big payday after BlackRock acquired the data company for $3.2 billion.
The acquisition, announced June 30, made Preqin founder Mark O’Hare and his wife billionaires.
O’Hare owns nearly 80% of Preqin through Valhalla Venture and will make about $2.6 billion from the acquisition, Fortune reported. That figure drops to about $2 billion after taxes.
The remaining wealth, about $653 million, will be shared between Preqin’s management and its 1,500 employees, making them millionaires.
Preqin is a financial data and analytics provider focused on alternative investments. O’Hare founded the company in 2002. In a press release, Preqin said it has 30,000 private market investors, 60,000 fund managers and 190,000 funds. The company expects to generate approximately $240 million in revenue in 2024.
The acquisition increased O’Hare’s net worth enough to surpass that of BlackRock CEO Larry Fink, whose net worth is $1.7 billion. As part of the acquisition, O’Hare will also join BlackRock as a vice chairman.
“BlackRock is recognized for its excellence in investment management and financial technology. Together, we can accelerate our efforts to deliver better private markets data and analytics to all of our clients at scale,” O’Hare said in the press release. “I look forward to joining BlackRock and continuing to play a role in the continued growth and success of Preqin and our clients.”
It is O’Hare’s second major sale after Reuters bought its shareholder database, Citywatch, in 1998.
News Source : www.businessinsider.com
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