S&P Global (NYSE: SPGI) and IHS Markit (NYSE: INFO) announced the future divisional structure of the combined company, effective upon completing their pending merger.
“This announcement is an important milestone in bringing together our two world-class organizations to power the markets of the future,” said Douglas Peterson, President and Chief Executive Officer of S&P Global. “As a combined company, we will provide customers the intelligence they need to make decisions with conviction while providing growth and development opportunities for our people.”
S&P Global Ratings will be led by Martina Cheung, currently President of S&P Global Market Intelligence, upon close. Effective immediately, Ms. Cheung will also lead the S&P Global ESG team, consolidating cross-divisional ESG assets with a leadership group designed to scale quickly and accelerate growth. John Berisford, currently President of Ratings, will lead the Integration Management Office upon closing, in partnership with Ewout Steenbergen, Chief Financial Officer.
S&P Global Market Intelligence will be combined with IHS Markit’s Financial Services business upon close and led by Adam Kansler, currently President of Financial Services at IHS Markit.
S&P Global Platts will be led by Saugata Saha, currently CFO of S&P Global Market Intelligence and Platts, effective January 2021. After close, Mr. Saha will continue leading Platts, combined with the Energy & Natural Resources business of IHS Markit. For nearly seven years, Mr. Saha has led initiatives to drive growth and execute on complex transformations at S&P Global. Saugata’s vast experience spans strategy, operations, finance and integration, as well as consulting at McKinsey and several business roles at The Godrej Group.
- Martin Fraenkel, currently President of S&P Global Platts, will work closely with Mr. Saha to ensure a smooth transition. Mr. Fraenkel will become Vice Chairman of Platts and continue to serve on the Board of CRISIL until his retirement in September 2021.
- Brian Crotty, currently EVP, Energy & Natural Resources at IHS Markit will work closely with Mr. Saha during the integration phase and will remain with the company for one year after close.
S&P Dow Jones Indices will continue to be led by Dan Draper, CEO of S&P Dow Jones Indices.
S&P Global Transportation will be led by Edouard Tavernier, currently EVP, Transportation with IHS Markit.
Lance Uggla, Chairman and Chief Executive Officer of IHS Markit, said, “We believe this combined leadership team reflects the strengths of both organizations and brings the right skills, expertise and experience as we work to drive long-term growth and shareholder value while continuing to deliver for our customers.” As previously announced, Mr. Uggla will serve as a special advisor to the combined company for one year following the close.
As previously disclosed, Ewout Steenbergen will serve as Chief Financial Officer of the combined company. He will also continue to lead Kensho and upon closing will expand his responsibilities to include Consolidated Markets & Solutions (CMS), a division of IHS Markit.
Integration Management Office
S&P Global and IHS Markit have also formed an Integration Management Office (IMO), which prior to close will be co-led by Ms. Cheung and Jonathan Gear, currently Chief Financial Officer of IHS Markit. As mentioned above, following closing, the IMO will be led by John Berisford in partnership with Ewout Steenbergen. Comprising leaders from S&P Global and IHS Markit, the IMO will develop and execute plans to bring together the two companies.
The combination remains on track to close in the second half of 2021, subject to, among other things, the expiration or termination of the applicable waiting periods under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended, other antitrust and regulatory approvals, and other customary closing conditions. The transaction requires the approval of shareholders of both S&P Global and IHS Markit.
Both S&P Global and IHS Markit are currently in a quiet period therefore neither company will be taking investor questions related to this release.
About S&P Global
S&P Global (NYSE: SPGI) is the world’s foremost provider of credit ratings, benchmarks and analytics in the global capital and commodity markets, offering ESG solutions, deep data and insights on critical business factors. We’ve been providing essential intelligence that unlocks opportunity, fosters growth and accelerates progress for more than 160 years. Our divisions include S&P Global Ratings, S&P Global Market Intelligence, S&P Dow Jones Indices and S&P Global Platts. For more information, visit www.spglobal.com.
About IHS Markit
IHS Markit (NYSE: INFO) is a world leader in critical information, analytics and solutions for the major industries and markets that drive economies worldwide. The company delivers next-generation information, analytics and solutions to customers in business, finance and government, improving their operational efficiency and providing deep insights that lead to well-informed, confident decisions. IHS Markit has more than 50,000 business and government customers, including 80 percent of the Fortune Global 500 and the world’s leading financial institutions. Headquartered in London, IHS Markit is committed to sustainable, profitable growth. For more information, visit www.ihsmarkit.com.
Source: S&P Global Press Release