GlobalData confirms ICG and KKR buyout talks as market reacts to strategic M&A interest

GlobalData Plc has officially confirmed that it is in preliminary talks with ICG Europe Fund IX and Kohlberg Kravis Roberts & Co. L.P. (KKR) regarding a potential all-cash takeover. This follows growing media speculation surrounding the UK-listed data analytics company, which has seen its stock surge sharply as investors anticipate a formal buyout bid. The Board of GlobalData disclosed that both ICG and KKR have submitted conditional proposals involving the acquisition of the entire issued and to-be-issued share capital of the company, with an optional unlisted equity alternative offered to existing shareholders.

The potential acquisition underscores a broader private equity trend of targeting UK-listed, knowledge-based firms that operate in high-margin, data-centric sectors. Depressed UK equity valuations, combined with strong demand for scalable analytics infrastructure, have made GlobalData an attractive strategic asset.

Why Are KKR and ICG Targeting GlobalData Plc?

GlobalData has undergone a significant evolution over the past decade, transforming from a traditional media-oriented information firm into a recurring-revenue, B2B data intelligence platform. The company provides research, analytics, and real-time data across multiple sectors—including healthcare, financial services, consumer goods, energy, and technology—offering clients tailored insights for strategic and operational decisions.

This data-as-a-service (DaaS) model aligns well with private equity firms’ increasing focus on “connected economy” platforms, which are defined by proprietary datasets, subscription revenues, and digital-first workflows. KKR has previously deployed capital into analytics-rich businesses across enterprise tech and healthcare data, while ICG has steadily increased its exposure to structured equity transactions involving cash-generating knowledge businesses.

The strategic value of GlobalData lies in its high EBITDA margins, sticky customer relationships, and ability to scale across new geographies and verticals. These characteristics make it a compelling target amid a growing wave of take-private transactions focused on IP-rich firms undervalued in public markets.

What Are the Terms of the Proposals and Timeline for a Formal Offer?

The conditional proposals from KKR and ICG include a cash offer for all issued and outstanding shares, with shareholders also given the choice to opt for an unlisted equity alternative. This dual-structure approach suggests that the bidders are attempting to accommodate differing investor risk profiles—some seeking immediate liquidity and others comfortable with longer-term value creation in private markets.

Under Rule 2.6(a) of the UK Takeover Code, both parties must declare their intentions by 5:00 p.m. London time on 28 May 2025. By this deadline, ICG and KKR are required to either announce a binding offer in accordance with Rule 2.7, or withdraw their interest under Rule 2.8—unless the UK Panel on Takeovers and Mergers grants an extension.

GlobalData emphasised that discussions are at a preliminary stage, with no certainty of a firm offer or specific price emerging. However, the involvement of two high-profile private equity bidders has fuelled widespread anticipation in capital markets.

Why Did GlobalData Plc Stock Surge After the Announcement?

Following the media speculation and subsequent confirmation, GlobalData Plc shares surged by approximately 18% in intraday trading. The move reflects a typical M&A response on the London Stock Exchange, where takeover rumours involving strategic buyers or private equity often lead to speculative accumulation.

The company’s stock breached both its 50-day and 200-day moving averages, triggering technical buy signals that likely contributed to algorithmic and institutional order flow. Multiple trading desks noted elevated activity across dark pools and block trades, indicating event-driven hedge funds are entering positions in anticipation of a premium bid.

This pattern mirrors similar buyout approaches in 2023 and 2024, when UK-listed software and analytics companies were targeted by foreign funds seeking to capitalise on post-Brexit valuation gaps and market undervaluation.

What Is the Broader Historical Context Behind This M&A Move?

The UK equity market has been fertile ground for global private equity over the past three years, especially since many mid-cap firms are trading at steep discounts to global peers. Public market pressures—ranging from limited liquidity to regulatory burdens—have led many such firms to explore privatisation pathways.

Between 2022 and 2024, nearly two dozen UK-listed technology and analytics firms were either acquired or received formal approaches, including Blue Prism, Darktrace, Aveva, and Euromoney. The common theme across these transactions has been the monetisation of IP, data ecosystems, and recurring revenue—all traits that GlobalData embodies.

Analysts suggest this ongoing pattern reflects a long-term shift, where London’s undervalued mid-cap tech sector is being de-equitised by global private equity giants with dry powder and thematic investment mandates.

What Does Institutional Activity and Sentiment Suggest?

Institutional sentiment has shifted toward cautious optimism. Prior to the announcement, GlobalData had a “Hold” consensus across brokerages, with valuation concerns stemming from its high multiples relative to peer averages. However, the entry of ICG and KKR has reframed the market narrative, and analysts are now revising their models to include deal probability and expected premiums of 25–35% over the last closing price before the news broke.

Foreign Institutional Investors (FIIs) currently hold around 27% of GlobalData’s float, with the balance distributed across UK-based Domestic Institutional Investors (DIIs) and retail shareholders. Since the announcement, exchange-cleared data indicates strong FII inflows, particularly from U.S. and European funds managing event-driven strategies.

Conversely, some DIIs appear to be selling into strength—typical of funds with mandates that avoid unlisted equity or those wishing to lock in short-term gains. This divergence in flows highlights how buy-sell dynamics are increasingly defined by mandate flexibility and risk appetite.

How Are Analysts Interpreting the Potential for a Deal?

Analysts covering the transaction suggest that if either KKR or ICG delivers a proposal with a clean, cash-heavy structure, the board would face pressure to consider it seriously—especially if it is within or above the 12–14x EBITDA range typical for comparable data intelligence firms.

The inclusion of an unlisted equity option, however, may create valuation complexity. For index-linked funds and investors who require mark-to-market liquidity, this path may not be viable—raising the importance of a dual-offer path with clear exit mechanisms.

There is also speculative commentary around whether a third-party bidder could emerge. The possibility of a bidding war, especially with GlobalData’s strategic value and cash flow generation, is not off the table.

What’s the Forward Outlook for GlobalData and Its Shareholders?

If no formal offer is made by 28 May 2025, GlobalData’s share price could pull back, likely retracing to pre-speculation levels. In such a scenario, investor focus may shift to alternative strategic pathways—including internal capital restructuring, a strategic partnership, or a relisting discussion on another global exchange.

If a firm offer emerges, shareholders will need to weigh the relative benefits of an immediate cash exit versus participation in unlisted equity—a decision dependent on their liquidity preferences, risk tolerance, and view of GlobalData’s long-term growth trajectory under private ownership.

Several analysts also note that should a deal close, KKR or ICG could potentially scale the business through bolt-on acquisitions, new vertical data launches, or deeper AI/ML integration in analytics workflows—objectives more easily pursued away from public market scrutiny.

Could GlobalData’s Buyout Set a Precedent for UK Mid-Cap Tech?

If completed, the GlobalData acquisition would reinforce an emerging trend: global capital reallocating into undervalued UK mid-cap intellectual property. This echoes moves seen in 2024 across software-as-a-service, cybersecurity, and digital publishing domains.

The outcome of this transaction could have implications for other UK-listed firms sitting at the intersection of data, subscription economics, and enterprise tech—many of which are now trading below historical valuation multiples, but may be better monetised under private ownership.

As the May 28 deadline approaches, GlobalData will remain closely watched—not just by shareholders, but by market participants looking to gauge the strength of UK M&A momentum in 2025.