Deals
Nasdaq's Latest Deal Shows That Data Reigns Supreme
- Global exchange buys EVestment for $705 million in debt, cash
- EVestment offers specialized data for institutional investors
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Nasdaq Inc.’s takeover of data provider EVestment Inc. spotlights the exchange industry’s seemingly bottomless appetite for data and its emerging focus on cultivating a closer relationship with money managers.
The exchange operator agreed to pay $705 million for EVestment, a company that sells data and analytics to customers like hedge fund managers and institutional investors. EVestment has more than 2,000 clients that use its database to analyze 74,000 investment vehicles. The deal will be financed with a mix of cash and debt, Nasdaq said in a release Tuesday.