(Bloomberg) -- S&P Global Inc. is close to a deal to buy research platform Visible Alpha for more than $500 million from a consortium of investment banks including Goldman Sachs Group Inc., the Financial Times reported.
S&P may announce a deal as soon as Tuesday, the newspaper reported, citing unidentified people familiar with the matter. The ratings company declined to comment to the FT and Visible Alpha didn't respond to a request for comment.
New York-based Visible Alpha aggregates research from investment banks for asset managers. It was founded in 2015 by Bank of America Corp., Citigroup Inc., Jefferies Financial Group Inc., Morgan Stanley and UBS Group AG, the FT said.
The firm generated almost $100 million in revenue in 2023, the newspaper added. Other banks including Goldman Sachs and BNP Paribas SA have also invested in Visible Alpha and the company has raised $68 million, the FT said, citing data from PitchBook.
The banks have agreed to continue to pool their research and financial models with Visible Alpha, according to the report.
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