- Financial-data provider Markit (MRKT) raises $1.3B after boosting the size of its offering to 53.5M shares from 45.7M, reports the WSJ, with the pricing of $24 at the midpoint of the expected range. The deal values the company at $4.3B.
- And who are we buying our Markit stock from? Wall Street's biggest banks - including BofA, Citigroup, Deutsche Bank, and Goldman - were the main sellers. The key buyer is the Canada Pension Plan Investment Board which expects to buy $450M worth of stock.
- Early rally? The $4.3B market value for Markit is about 10x 2013 earnings compared to 12x for MSCI, 13x for Verisk Analytics (VRSK), and 20x for IHS.
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