London Stock Exchange Group (LSEG) has agreed to acquire Octus, the New York-based provider of credit intelligence, data and workflow solutions, for $3.535 billion in cash, significantly expanding its presence in private and illiquid credit markets. The acquisition will bring Octus’ proprietary credit data and analytics into LSEG’s existing fixed income offering, providing institutional customers with integrated capabilities spanning public and private credit.
The transaction, announced on 22 October, will see LSEG acquire Octus from funds advised by private equity firm Permira and the company’s management, including founder and CEO Kent Collier. Subject to regulatory approval, the deal is expected to complete in the first half of 2027.
Founded in 2013, Octus specialises in credit intelligence covering private, illiquid and distressed debt. The company serves more than 750 institutional customers and 40,000 individual users, including hedge funds, investment banks, asset managers, law firms and advisory firms. It employs more than 900 people globally.
Its proprietary data covers the credit lifecycle, combining fundamental financial information, specialist research and analysis with hard-to-access credit documentation, including loan covenants and deal terms. Octus converts this information into structured, searchable datasets integrated with its workflow and portfolio management tools. Customers can access its intelligence through the Octus platform, an MCP connector and AI-driven workflows.Expanding Across the Credit Spectrum
The acquisition extends LSEG’s existing fixed income capabilities, which include IFR news, evaluated pricing, corporate actions data and analytics through Yield Book and LPC. While LSEG has an established presence in liquid credit markets, Octus brings specialist coverage of less liquid instruments and a strong customer base among hedge funds and alternative investment managers, where LSEG has historically had more limited penetration.
LSEG plans to combine Octus’ content and technology with Workspace, LPC, Yield Book, PRS and Tradeweb, developing integrated data, valuation and portfolio management capabilities across the credit spectrum. The company also expects to distribute Octus’ intelligence and workflow products through its global customer network.
The acquisition comes as public and private credit markets become increasingly interconnected. LSEG estimates the private credit industry has grown to approximately $3.5 trillion, while the addressable market for private markets data, workflow and access solutions is valued at $7 billion to $9 billion, with double-digit growth expected.
Strengthening LSEG’s Fixed Income Strategy
The deal also complements Tradeweb’s planned acquisition of Trumid, extending LSEG’s broader fixed income strategy across market data, analytics, trading and execution.
David Schwimmer, CEO of LSEG, said: “Acquiring Octus enables LSEG to deliver best-in-class credit data, intelligence and workflows, across the liquidity spectrum, to a broader range of customers. LSEG’s existing data and analytics capabilities, alongside the acquisition of Trumid announced by Tradeweb and now the acquisition of Octus, position LSEG as a global leader in fixed income to partner with our customers throughout the trade lifecycle.”
Octus is expected to generate more than $300 million in revenue in 2026, with strong double-digit growth and an adjusted EBITDA margin of approximately 40%. LSEG expects the acquisition to contribute immediately to organic revenue growth within its Data & Analytics division and to support its group subscription revenue growth guidance of around 7% for 2027.The debt-financed transaction is expected to be neutral to adjusted earnings per share in its first full year following completion and accretive thereafter.
Following completion, Octus will operate within LSEG’s Data & Analytics division, with Collier remaining CEO and reporting to Gianluca Biagini and Ron Lefferts, the division’s Co-Heads.
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