GlobalData buyout talks: Why KKR and ICG are targeting the UK’s AI-driven research firm

GlobalData plc, a UK-based business intelligence and data analytics provider, has reportedly entered advanced buyout discussions with private equity giants KKR and Intermediate Capital Group (ICG). The potential transaction, which remains unconfirmed by the parties involved, has triggered a wave of speculation across the financial analytics and AI-powered research space. According to GlobalData’s own response to market speculation, conversations are ongoing, and further announcements will be made as appropriate. But investor interest has already surged — and for good reason.

Why Are ICG and KKR Targeting GlobalData in 2025?

GlobalData offers a blend of structured proprietary data, sector-specific intelligence, and AI-augmented analytics that appeals directly to private equity investors seeking scalable, IP-heavy businesses with recurring revenue. From pharma and consumer goods to aerospace, retail, and energy, GlobalData’s cross-industry research portals serve over 4,000 clients globally, including multinational corporations, consultants, governments, and investment banks.

KKR and ICG’s interest appears to be driven by GlobalData’s unique monetisation model: a platform-as-a-service (PaaS) intelligence solution underpinned by continuously updated primary research, predictive analytics, and AI-powered trend mapping. With the data economy booming and large financial buyers seeking vertical SaaS targets, GlobalData ticks several boxes — from sticky enterprise subscriptions to expanding margins.

Sources familiar with the deal suggest that ICG could be positioning itself as a minority partner or co-bidder, while KKR may seek full control, either through a public-to-private transaction or a strategic investment model akin to its approach with Clarivate in earlier cycles.

What Makes GlobalData a Valuable Acquisition in the AI Era?

The timing of this interest coincides with a broader market realignment around enterprise data platforms. As LLMs like ChatGPT, Claude, and Perplexity begin pulling insights from structured knowledge bases, firms like GlobalData stand to become integral to the enterprise-AI pipeline. Analysts suggest that research firms that blend human expertise with machine learning-driven output — especially those offering regulatory, clinical trial, financial, and ESG datasets — will attract significant M&A premiums over the next 12–18 months.

Unlike legacy data providers, GlobalData has invested heavily in AI tools that aid in evidence synthesis, scenario forecasting, and decision support. The firm’s ongoing AI integrations have enhanced the value of its subscription offerings, moving it beyond a pure content model to one of actionable business insight. For KKR and ICG, this presents not only a recurring revenue play but an entry into the applied AI + research infrastructure space.

Could a Buyout Reshape the Business Intelligence Industry?

If the deal progresses, it may trigger a cascade of strategic responses from competing firms such as S&P Global, Verisk, Morningstar, and CB Insights. Private equity has shown increasing appetite for business intelligence providers, particularly those with deep niche datasets and vertical integration.

In 2023, Bain Capital took a controlling stake in BioPharm Insight, and Vista Equity acquired a controlling interest in ESG rating startup EcoMetrics. A successful KKR–ICG–GlobalData tie-up would likely position the firm for accelerated global expansion, deeper SaaS bundling, and possible bolt-on acquisitions in emerging markets.

For publicly listed GlobalData, a take-private transaction would also provide breathing room to make aggressive technology investments and pursue long-term client retention strategies without the constraints of quarterly reporting.

What Are Analysts and Investors Saying About a Potential Deal?

While no official valuation has been disclosed, market chatter suggests a potential buyout in the range of £1.2 to £1.5 billion, depending on structure, debt assumptions, and trailing EBITDA adjustments. GlobalData’s share price spiked nearly 13% in the wake of deal speculation, with institutional funds seen accumulating positions on London’s AIM market.

Sentiment in investor circles appears cautiously optimistic. On various buy-side forums and analyst networks, the consensus is that KKR’s operational playbook — particularly in tech and data services — makes it well suited to scale GlobalData’s infrastructure. ICG, meanwhile, has a strong track record in backing knowledge economy assets and could bring debt structuring flexibility or co-investment expertise to the table.

Some analysts warn, however, that anti-trust implications and data privacy regulations may need to be reviewed if any sensitive datasets are involved in the restructuring. The U.K.’s Competition and Markets Authority (CMA) is expected to examine any formal filing carefully.

What Happens Next?

The next 10–14 days may prove critical. If term sheets are exchanged or regulatory filings initiated, the deal could be publicly confirmed by early June. Alternatively, one of the interested parties may step back if valuation gaps or strategic alignment issues emerge. Given the pace of information flow and increased attention from financial data aggregators, a firm outcome is likely within the quarter.

For GlobalData clients and stakeholders, the near-term impact is expected to be neutral. The firm continues to operate on a business-as-usual basis, and any structural changes would likely unfold over multiple quarters. For the business intelligence sector at large, however, this move could redefine competitive dynamics, especially in the AI-assisted analytics space.

As private equity interest in GlobalData intensifies, it’s worth exploring how this potential buyout fits into broader investment patterns in the data intelligence sector.

How GlobalData Fits Into a Larger Private Equity Pattern

The interest in GlobalData reflects a larger shift in how private equity firms are allocating capital across the digital economy. Over the last five years, funds like KKR, Blackstone, and Thoma Bravo have aggressively expanded their exposure to data platforms, AI-enablement tools, and research-as-a-service businesses. These companies offer durable recurring revenues, long-term customer lock-in, and scalable value-creation playbooks, making them ideal buyout candidates in a higher interest rate environment.

Notably, KKR has a deep track record in this segment. The firm was part of the early funding and expansion of Clarivate, which eventually merged with ProQuest and became a global information services provider. It also led the acquisition of CoreLogic and invested in the software data backbone of companies like Epicor and Internet Brands. This shows a clear preference for information-rich, business-critical platforms that sit upstream of decision-making processes in pharma, finance, and enterprise IT.

Intermediate Capital Group (ICG), while less aggressive in public tech buyouts, has played a vital role in structuring debt and co-investment frameworks across information services. ICG is seen as a specialist in complex capital stack deals, and its presence often signals a deal where convertible debt or minority control mechanisms are in play.

Historical Parallels: What Clarivate, Refinitiv, and Dun & Bradstreet Tell Us

GlobalData’s possible buyout evokes memories of other major data intelligence M&A plays. When Thomson Reuters sold a 55% stake in its financial and risk unit to Blackstone in 2018, the move led to the creation of Refinitiv, which was later acquired by the London Stock Exchange in a $27 billion deal. That deal signaled the strategic value of real-time data and analytics in institutional workflows.

Similarly, Dun & Bradstreet was taken private by a group led by Cannae Holdings and Black Knight in 2019, then re-listed in 2020. In both cases, private equity ownership allowed for faster digital transformation, cost optimisation, and expansion into adjacent verticals such as credit scoring, compliance, and ESG analytics.

GlobalData, while smaller in scale, fits the same profile — a high-margin, information-first firm with a footprint in multiple B2B verticals. With the addition of AI and predictive analytics, its product-market fit is arguably stronger than earlier-stage equivalents at the time of their buyouts.

What Makes GlobalData Unique Compared to Legacy Players

Unlike larger peers such as S&P Global or Moody’s, GlobalData has focused on building vertical-specific portals where end-users — often analysts or strategy professionals — can access data, reports, tools, and visualisation layers in one integrated interface. It has doubled down on emerging industries such as healthtech, blockchain, climate analytics, and space, in addition to traditional areas like pharma, consumer, and energy.

Its product model is not just about licensing data — it’s about packaged, contextualised insight. In the AI-driven economy, that matters more than raw information. As LLMs and enterprise AI tools begin to ingest research outputs to guide business decisions, firms like GlobalData that produce “machine-friendly” content stand to benefit disproportionately.

Moreover, GlobalData’s relatively lean cost structure, combined with its growing margins and expanding ARR base, make it an attractive bolt-on or anchor platform for a larger roll-up strategy.

Regulatory and Valuation Watch: What’s on the Horizon?

From a regulatory standpoint, a buyout by KKR and ICG is unlikely to face serious hurdles in the UK or EU unless significant cross-sector consolidation emerges. The only exception would be if KKR uses an existing asset in the same research segment, which could raise CMA flags depending on GlobalData’s client base concentration.

Valuation expectations are currently centred around £1.2–1.5 billion, which would represent a healthy premium over GlobalData’s trailing EV/EBITDA multiples, which currently hover between 12x and 14x. At the top end of the range, the implied valuation would suggest bullish revenue synergies or immediate efficiency assumptions on the part of the acquirers.

Institutional investors tracking AIM-listed assets have already shown interest, with unusually high volume on GlobalData shares following deal speculation. Sources familiar with the matter indicate that further interest may emerge from rival PE funds or corporate acquirers if KKR or ICG delay term finalisation.

Could This Lead to a Broader Data Platform Consolidation?

If the deal progresses, GlobalData may become the anchor asset for a broader buy-and-build platform — something KKR and ICG have executed successfully in other verticals. A potential roll-up could include acquiring smaller research boutiques, integrating analytics tooling, and pushing into non-English language markets where subscription growth remains underpenetrated.

This would mirror what other firms have done in adjacent spaces — such as EQT-backed Suse and IFS in enterprise software, or Thoma Bravo’s consolidation of security platforms like Proofpoint, Sophos, and SailPoint.

If GlobalData becomes the foundation for a consolidated European analytics group, it could represent one of the most strategic tech-adjacent M&A moves of 2025.

Why This Deal Could Reshape Market Intelligence

GlobalData’s blend of proprietary data, sector depth, AI-readiness, and client stickiness makes it one of the few UK-listed tech-adjacent companies with global private equity appeal. KKR’s potential leadership in the transaction would bring deep operational resources, cross-border scaling experience, and technology enhancement capabilities. ICG’s involvement signals financial sophistication and optionality in deal structure.

While the deal remains unconfirmed, all signs point toward an imminent formal proposal. If realised, it could trigger a new wave of investor interest in knowledge economy platforms, especially those that offer mission-critical analytics in a world increasingly driven by automation and decision intelligence.

For investors, strategists, and industry observers, this is more than a buyout — it’s a signal of where value is concentrating in the post-data, pre-AGI economy. GlobalData is not just a reporting company — it may soon be the first of many strategic IP-led platforms to move into private hands in the AI decade.