S&P Global Completes $1.8 Billion Acquisition of With Intelligence, Strengthening its Position as a Leader in Private Markets Data & Analytics

Rhea-AI Summary

S&P Global (NYSE: SPGI) completed its acquisition of With Intelligence for $1.8 billion on Nov 25, 2025. The transaction combines With Intelligence's private‑markets data, insights and workflow solutions with S&P Global's analytics to expand private markets capabilities. The deal, first announced in October 2025, is positioned to broaden product coverage across alternative investments and private markets workflows.

Positive

• $1.8 billion acquisition of With Intelligence completed on Nov 25, 2025
• Combines With Intelligence proprietary private‑markets data with S&P Global analytics
• Deal expands S&P Global coverage across alternative investments and private markets workflows
• Transaction first announced in October 2025

Negative

• Integration and execution risk from combining With Intelligence operations with S&P Global
• Company lists broad macro, regulatory and market risks that could affect results and expected benefits
• Separation of S&P Global Mobility could face timing or execution risks that may affect company focus

Insights

M&A Strategist

S&P Global completed a $1.8 billion acquisition of With Intelligence to broaden private‑markets data and analytics capabilities.

The transaction combines S&P Global and With Intelligence to expand private markets data, proprietary analytics and workflow offerings, leveraging With Intelligence's alternative‑investment datasets alongside S&P Global's existing services. The deal was announced as completed on Nov. 25, 2025 for $1.8 billion, and management frames this as a step to deepen coverage across the investment lifecycle.

Key dependencies include successful integration of data and workflows, retention of With Intelligence's specialist staff and clients, and execution against stated strategic goals; the press release explicitly lists integration of acquisitions and related execution risks among potential factors. Potential regulatory, operational and customer‑retention risks are also noted in the filing's risk disclosures.

Watch for concrete integration milestones, customer and employee retention metrics, and stated revenue or product milestones tied to the combined private markets offering; these items will clarify value creation in the coming quarters and during any related corporate actions such as the referenced business separations.

Combination unlocks new market opportunities and cements S&P Global as one of the most comprehensive providers of private markets intelligence

NEW YORK, Nov. 25, 2025 /PRNewswire/ -- S&P Global (NYSE: SPGI) today announced the successful completion of its acquisition of With Intelligence, a leading source of private markets data, insights and analytics for $1.8 billion, from a group led by majority investor Motive Partners, a private investment firm focused exclusively on financial and tech-enabled business services companies.

First announced in October, the deal significantly expands S&P Global's capabilities across private markets by combining With Intelligence's proprietary data and workflow solutions with S&P Global's trusted expertise.

"With Intelligence's deep expertise in alternative investments complements our existing capabilities, enabling S&P Global to help our customers make valuable decisions at every stage of the investment lifecycle," said Martina Cheung, President and CEO of S&P Global. "The completion of this acquisition represents a significant step forward in our strategy to provide essential intelligence for our customers as they navigate complexity in the rapidly expanding private markets landscape."

To learn more about S&P Global's private markets data, insights, benchmarks, workflows and services, visit here.

Forward-Looking Statements: 

This press release contains "forward-looking statements," as defined in the Private Securities Litigation Reform Act of 1995. These statements, which express management's current views concerning future events, trends, contingencies or results, appear at various places in this press release and use words like "anticipate," "assume," "believe," "continue," "estimate," "expect," "forecast," "future," "intend," "plan," "potential," "predict," "project," "strategy," "target" and similar terms, and future or conditional tense verbs like "could," "may," "might," "should," "will" and "would." For example, management may use forward-looking statements when addressing topics such as: the outcome of contingencies; future actions by regulators; changes in the Company's business strategies and methods of generating revenue; the development and performance of the Company's services and products; the expected impact of acquisitions and dispositions; the Company's effective tax rates; the Company's cost structure, dividend policy, cash flows or liquidity; and the anticipated separation of S&P Global Mobility ("Mobility") into a standalone public company.

Forward-looking statements are subject to inherent risks and uncertainties. Factors that could cause actual results to differ materially from those expressed or implied in forward-looking statements include, among other things:

• worldwide economic, financial, political, and regulatory conditions (including slower GDP growth or recession, restrictions on trade (e.g., tariffs), instability in the banking sector and inflation), and factors that contribute to uncertainty and volatility (e.g., supply chain risk), natural and man-made disasters, civil unrest, public health crises (e.g., pandemics), geopolitical uncertainty (including military conflict), and conditions that result from legislative, regulatory, trade and policy changes, including from the U.S. administration;
• the volatility and health of debt, equity, commodities, energy and automotive markets, including credit quality and spreads, the composition and mix of credit maturity profiles, the level of liquidity and future debt issuances, equity flows from active to passive, fluctuations in average asset prices in global equities, demand for investment products that track indices and assessments and trading volumes of certain exchange-traded derivatives;
• the demand and market for credit ratings in and across the sectors and geographies where the Company operates;
• the Company's ability to maintain adequate physical, technical and administrative safeguards to protect the security of confidential information and data, and the potential for a system or network disruption that results in regulatory penalties and remedial costs or improper disclosure of confidential information or data;
• the outcome of litigation, government and regulatory proceedings, investigations and inquiries;
• concerns in the marketplace affecting the Company's credibility or otherwise affecting market perceptions of the integrity or utility of independent credit ratings, benchmarks, indices and other services;
• the level of merger and acquisition activity in the United States and abroad;
• the level of the Company's future cash flows and capital investments;
• the effect of competitive products (including those incorporating generative artificial intelligence ("AI")) and pricing, including the level of success of new product developments and global expansion;
• the impact of customer cost-cutting pressures;
• a decline in the demand for our products and services by our customers and other market participants;
• our ability to develop new products or technologies, to integrate our products with new technologies (e.g., AI), or to compete with new products or technologies offered by new or existing competitors;
• our ability to attract, incentivize and retain key employees, especially in a competitive business environment;
• our ability to successfully navigate key organizational changes, including among our executive leadership;
• the Company's exposure to potential criminal sanctions or civil penalties for noncompliance with foreign and U.S. laws and regulations that are applicable in the jurisdictions in which it operates, including sanctions laws relating to countries such as Iran, Russia and Venezuela, anti-corruption laws such as the U.S. Foreign Corrupt Practices Act and the U.K. Bribery Act of 2010, and local laws prohibiting corrupt payments to government officials, as well as import and export restrictions;
• the continuously evolving regulatory environment in Europe, the United States and elsewhere around the globe affecting each of our businesses and the products they offer, and our compliance therewith;
• the Company's ability to make acquisitions and dispositions and successfully integrate the businesses we acquire;
• consolidation of the Company's customers, suppliers or competitors;
• the introduction of competing products or technologies by other companies;
• the ability of the Company, and its third-party service providers, to maintain adequate physical and technological infrastructure;
• the Company's ability to successfully recover from a disaster or other business continuity problem, such as an earthquake, hurricane, flood, civil unrest, protests, military conflict, terrorist attack, outbreak of pandemic or contagious diseases, security breach, cyber attack, data breach, power loss, telecommunications failure or other natural or man-made event;
• the impact on the Company's revenue and net income caused by fluctuations in foreign currency exchange rates;
• the impact of changes in applicable tax or accounting requirements on the Company;
• the separation of Mobility not being consummated within the anticipated time period or at all;
• the ability of the separation of Mobility to qualify for tax-free treatment for U.S. federal income tax purposes;
• any disruption to the Company's business in connection with the proposed separation of Mobility;
• any loss of synergies from separating the businesses of Mobility and the Company that adversely impact the results of operations of both businesses, or the companies resulting from the separation of Mobility not realizing all of the expected benefits of the separation; and
• following the separation of Mobility, the combined value of the common stock of the two publicly-traded companies not being equal to or greater than the value of the Company's common stock had the separation not occurred.

The factors noted above are not exhaustive. The Company and its subsidiaries operate in a dynamic business environment in which new risks emerge frequently. Accordingly, the Company cautions readers not to place undue reliance on any forward-looking statements, which speak only as of the dates on which they are made. The Company undertakes no obligation to update or revise any forward-looking statement to reflect events or circumstances arising after the date on which it is made, except as required by applicable law. Further information about the Company's businesses, including information about factors that could materially affect its results of operations and financial condition, is contained in the Company's filings with the SEC, including Item 1A, Risk Factors in our most recently filed Annual Report on Form 10-K, as supplemented by Item 1A, Risk Factors, in our most recently filed Quarterly Report on Form 10-Q.

Media Contacts:

Orla O'Brien
S&P Global
+1 857 407 8559
orla.obrien@spglobal.com

Amanda Oey
S&P Global Market Intelligence
+1 212 438 1904
amanda.oey@spglobal.com

About S&P Global:

S&P Global (NYSE: SPGI) enables businesses, governments, and individuals with trusted data, expertise and technology to make decisions with conviction. We are Advancing Essential Intelligence through world-leading benchmarks, data, and insights that customers need in order to plan confidently, act decisively, and thrive economically in a rapidly changing global landscape.  

From helping our customers assess new investments across the capital and commodities markets to guiding them through the energy expansion, acceleration of artificial intelligence, and evolution of public and private markets, we enable the world's leading organizations to unlock opportunities, solve challenges, and plan for tomorrow – today. Learn more at www.spglobal.com.

 

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SOURCE S&P Global

FAQ

What did S&P Global (SPGI) acquire on November 25, 2025?

S&P Global completed the purchase of With Intelligence for $1.8 billion on Nov 25, 2025.

How does the With Intelligence acquisition affect S&P Global's private markets offerings (SPGI)?

The deal combines With Intelligence's private‑markets data and workflows with S&P Global analytics to expand coverage across alternative investments and private markets.

Who sold With Intelligence to S&P Global (SPGI) in the $1.8B deal?

With Intelligence was acquired from a group led by majority investor Motive Partners.

When was the S&P Global and With Intelligence transaction first announced?

The acquisition was first announced in October 2025 and completed on Nov 25, 2025.

What risks did S&P Global (SPGI) highlight related to the acquisition?

S&P Global cited integration and execution risks plus broad macro, regulatory and market uncertainties that could affect results.