S&P Global Inc. / IHS Markit Ltd merger inquiry

The CMA is investigating the anticipated acquisition by S&P Global Inc. of IHS Markit Ltd.

From:
Competition and Markets Authority
Published
28 June 2021
Last updated
21 June 2022 — See all updates
Case type:
Mergers
Case state:
Closed
Market sector:
Financial services
Outcome:
Mergers - phase 1 clearance with undertakings in lieu
Opened:
24 June 2021
Closed:
1 June 2022

Phase 1

Statutory timetable

Date Action
25 February 2022 Undertakings in lieu of reference accepted
18 January 2022 to 1 February 2022 Undertakings in lieu consultation
9 December 2021 Extension of consideration of undertakings in lieu granted
15 November 2021 Decision published
9 November 2021 Initial Enforcement Order
26 October 2021 CMA to consider undertakings offered
19 October 2021 Decision announced
23 August 2021 Launch of merger inquiry
28 June 2021 to 12 July 2021 Invitation to comment

Case closure

1 June 2022: The sale of the Price Assessments Divestment Business and of the Chemicals Divestment Business subject to the UILs to News Corporation was approved by the CMA and completed on 28 February 2022 and 1 June 2022, respectively. This brings the merger investigation to an end.

Directions to appoint a monitoring trustee

4 March 2022: Pursuant to the Final Undertakings dated 25 February 2022, the CMA directed S&P Global Inc., IHS Markit Ltd and IHS Markit Group Holdings to appoint a monitoring trustee.

Undertakings in lieu of reference accepted

25 February 2022: The CMA has accepted undertakings in lieu of reference for the anticipated acquisition by S&P Global Inc. of IHS Markit Ltd.

*It has been brought to the CMA’s attention that in the copy of the Final Undertakings published on the case page on 25 February 2022 the definition of the ‘Divestment Business’ was mistakenly referring to the Petrochemicals Divestment Business instead of the Price Assessments Divestment Business. The correct version of the Final Undertakings has now been uploaded to the case page. The CMA can confirm that the change was not material in any respect.

Undertakings in lieu of reference consultation: now closed

18 January 2022: We are consulting on proposed undertakings in lieu of a reference for the anticipated acquisition by S&P Global Inc. of IHS Markit Ltd.

Extension of consideration of undertakings in lieu

9 December 2021: The CMA has extended the consideration of undertakings in lieu until 25 February 2022.

Directions to appoint a monitoring trustee

10 November 2021: Pursuant to an initial enforcement order dated 9 November 2021, the CMA directed IHS Markit Ltd and IHS Markit Group Holdings to appoint a monitoring trustee.

Initial Enforcement Order

9 November 2021: The CMA has served an initial enforcement order under section 72(2) of the Enterprise Act 2002 in relation to the anticipated acquisition of IHS Markit Ltd. by S&P Global Inc.

Amendments / consents granted

CMA to consider undertakings offered

26 October 2021: The CMA considers that there are reasonable grounds for believing that the undertakings offered by S&P Global Inc. and IHS Markit Ltd., or a modified version of them, might be accepted by the CMA under the Enterprise Act 2002.

Reference unless undertakings accepted

19 October 2021: The CMA has decided, on the information currently available to it, that it is or may be the case that this merger has resulted or may be expected to result in a substantial lessening of competition within a market or markets in the United Kingdom. This merger will be referred for a phase 2 investigation unless the parties offer acceptable undertakings to address these competition concerns.

Launch of merger inquiry

23 August 2021: The CMA announced the launch of its merger inquiry by notice to the parties.

Invitation to comment closes 12 July 2021

28 June 2021: The CMA is considering whether it is or may be the case that this transaction, if carried into effect, will result in the creation of a relevant merger situation under the merger provisions of the Enterprise Act 2002 and, if so, whether the creation of that situation may be expected to result in a substantial lessening of competition within any market or markets in the United Kingdom for goods or services.

To assist it with this assessment, the CMA invites comments on the transaction from any interested party.

These comments should be provided by the deadline set out above.

Contact

Please send written representations about any competition or public interest to:

Bix Gould; Liana Sandulescu; Marta Freire or Davide Canzano

[email protected]; [email protected]; [email protected] or [email protected]

Updates to this page

Published 28 June 2021
Last updated 21 June 2022 + show all updates

  1. Case closure statement published.

  2. Final undertakings republished and updated Directions to appoint a monitoring trustee published.

  3. Derogation published.

  4. Full text of Phase 1 decision published.

  5. Undertakings in lieu of reference accepted published.

  6. Derogation published.

  7. Proposed undertakings and consultation added to the page.

  8. Derogation published.

  9. Derogation published.

  10. Extension of consideration of undertakings in lieu published.

  11. Directions to appoint a monitoring trustee published.

  12. Full text of the phase 1 decision published.

  13. Initial enforcement order published.

  14. Full text of our decision to consider undertakings offered.

  15. Decision to accept undertakings offered announced.

  16. Decision to refer unless undertakings accepted announced and summary of the decision published.

  17. Launch of merger inquiry announced.

  18. First published.

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