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Markit announces private equity investment
Wednesday, January 27, 2010
Credit data specialist Markit Group has announced that it has received what it describes as a “substantial” equity investment from private equity firm General Atlantic. No details of the terms of the transaction were provided. However, Markit says that General Atlantic will help develop a growth strategy that includes acquisitions.
Markit was set up in 2001 with the banking of Toronto-Dominion Bank and a consortium of credit derivative dealers.
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CFlux secondary
CLO index levels:
| Index | 6 Feb |
|
| CFlux USD AAA | ↑ | 94.9 |
| CFlux USD AA | ↓ | 81.3 |
| CFlux USD A | ↓ | 75.0 |
| CFlux USD BBB | ↑ | 74.8 |
| CFlux USD BB | ↑ |
72.1 |
| CFlux USD EQ | ↑ | 67.6 |
Details via FT - 7.5% stake for 250MM. Valuing Markit at 3.3B. Profits at roughly 420MM -> valuation at 7-8 times current earnings