S&P Global has agreed to acquire With Intelligence, a global data and analytics provider for private and alternative markets, in a $1.8 billion deal as it accelerates expansion into the fast-growing private asset sector.
Founded in 1998, With Intelligence supplies analytics and data to more than 3,000 clients worldwide and is forecast to generate $130 million in revenue by 2025. S&P Global expects the transaction to close by early 2026 and contribute to adjusted EPS by 2027.
The acquisition comes amid a surge in investor interest in private assets, driven by high interest rates and limited liquidity in public markets. Transparency and valuation insights into private equity and credit have become increasingly valuable as investors seek alternative opportunities.
S&P Global’s move mirrors broader industry momentum, with BlackRock spending billions to build its private markets footprint—acquiring Global Infrastructure Partners, Preqin, and HPS Investment Partners in the past year.
The Trump administration’s August executive order to expand 401(k) access to nontraditional assets such as private credit and equity has also boosted momentum in the sector.
Citi advised S&P Global on the deal, while Centerview Partners served as advisor to With Intelligence.
