to acquire Octus, creating market leader across public and private credit solutions

to acquire Octus, creating market leader across public and private credit solutions NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN OR INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OR REGULATIONS OF SUCH JURISDICTION This Announcement contains inside information within the meaning of Article 7(1) of the assimilated Regulation No. 596/2014 as it forms part of the law of the United Kingdom by virtue of the European Union (Withdrawal) Act 2018, as amended and supplemented.

TO ACQUIRE OCTUS CREATING MARKET LEADER ACROSS PUBLIC AND PRIVATE CREDIT SOLUTIONS ( plc) today announces that it has agreed to acquire Octus, a leading provider of credit intelligence, data and workflows, for a cash consideration of $3.535 billion from funds advised by Permira, and Octus’ management, including its founder, Kent Collier. The acquisition of Octus will transform presence in credit and private market data, creating a leading proposition in these high-growth areas.

Combining Octus’ capabilities with fixed income data, analytics and distribution means customers will benefit from integrated solutions and intelligence across public and private credit enabling them to source deals, assess risk and manage their portfolios through platform. About Octus Founded in 2013 by Kent Collier, Octus is a leading provider of credit solutions across intelligence, data and analytics, serving customers across private, illiquid and distressed credit.

Headquartered in New York City and with a global footprint, it has over 900 employees, 750 customers and more than 40,000 individual users including buy-side firms, investment banks, law firms and advisory firms. Octus’ proprietary data covers the full credit lifecycle, with a leading position in illiquid credit. Its offering includes intelligence, fundamental data and expert analysis that is uniquely developed by Octus’ teams, who source hard-to-access credit documentation, including covenants and deal terms, and turn it into structured, searchable data.

Its data is integrated into its purpose-built workflow and portfolio management tools, adding further proprietary data and information for credit market participants. Customers connect to data and insights directly via Octus’ platform, an MCP connector or via AI workflows. In 2026 Octus is expected to generate over $300 million in revenue, with strong double-digit growth and an adjusted EBITDA margin of around 40%. It has achieved double-digit compound growth in revenue since 2022.

Strategic rationale Octus’ product set and customer coverage are highly complementary to existing fixed income products. already has a significant presence in the liquid credit space, through news (IFR), evaluated pricing and corporate actions, and analytics (Yield Book and LPC). Octus brings leading specialism and capability in illiquid and private credit, creating a single source of fixed income data & analytics and workflow spanning the entire credit spectrum. In addition, Octus has a very strong buyside customer footprint, particularly with hedge funds and alternative investment managers, where has historically been under-penetrated.

Octus significantly expands fixed income offering. is becoming a leading end-to-end credit data, analytics and workflow provider, supporting customers at every stage of the credit lifecycle, across the full public and private credit continuum. Through existing data and analytics capabilities and the acquisition of Octus, alongside Tradeweb’s planned acquisition of Trumid, is creating a global leader in fixed income and credit. Public and private credit markets are converging, with the private credit industry having grown substantially in recent years to an estimated size of $3.5 trillion.

The private markets data, workflow and access solutions served market segment is currently $7-9 billion and is expected to grow at a double-digit rate, underpinned by private markets AUM growth and customer demand for timely, accurate and predictive intelligence, and proprietary data and analytics in this less liquid market segment. The transaction will unlock attractive synergies, both immediate and longer term, as builds differentiated solutions for customers. There is significant opportunity to drive sales of Octus’ intelligence and workflow solutions across global footprint, and to bring products to Octus’ credit- and buy-side-focused customers.

will also develop enhanced products, combining Octus’ proprietary content with Workspace, LPC, Yield Book, PRS and Tradeweb, to help customers develop a consistent view of a fragmented market with a common data structure, valuation and portfolio management tools. Upon completion, Octus will be part of Data & Analytics division, with Kent Collier, Founder and CEO of Octus continuing to run the Octus businesses, reporting to Gianluca Biagini and Ron Lefferts, Co-Heads of Data & Analytics.

David Schwimmer, CEO,, said: “Combining Octus’ leading proprietary data and intelligence with data and analytics business creates a powerful offering for our customers, and further accelerates our growth. Acquiring Octus enables to deliver best-in-class credit data, intelligence and workflows, across the liquidity spectrum, to a broader range of customers. existing data and analytics capabilities, alongside the acquisition of Trumid announced by Tradeweb and now the acquisition of Octus, position as a global leader in fixed income to partner with our customers throughout the trade lifecycle.

I look forward to partnering with Kent and the team at Octus to continue to drive future growth.” Kent Collier, CEO, Octus, said: “I’m excited by the prospect and opportunity of Octus becoming part of. Octus’ customer-first mindset and drive to deliver the absolute best products to our clients is a natural cultural fit with.

Joining will pair our data, intelligence and workflows with global distribution and fixed income depth: a combination that provides tremendous opportunity for further growth and expansion.” Financial effects The transaction is expected to be immediately accretive to Data & Analytics organic revenue growth, and additive to guidance for Group organic subscription revenue growth of around 7% in 2027. Due to Octus’ strong margin profile and operating leverage, there is no change to medium-term guidance for underlying EBITDA margin to increase by a cumulative c. 150 basis points 2027-2029 from the 2026 baseline.

The transaction will be neutral to Adjusted EPS in the first full year after completion, and accretive thereafter. The acquisition will be financed by external debt. Allowing for forecast cash flow, the completion of the current £3 billion share buyback programme by February 2027, the completions of the Octus and Trumid acquisitions, and capacity for further share buybacks of £1-1.5 billion, we expect leverage at the end of 2027 to be around the upper end of the target range of 1.5-2.5x, before returning to the middle of the range by the end of 2028. The transaction is expected to close in H1 2027, subject to regulatory approval.

David Schwimmer and Michel-Alain Proch, CFO, will host a conference call for analysts and investors at 10:00am UK time this morning covering Q3 2026 trading update and these acquisitions. To access the webcast or telephone conference call please register in advance using the following To ask a question live you will need to register for the telephone conference call here: Morgan Stanley & Co. International plc is acting as lead financial adviser and Barclays Capital Inc. is acting as financial adviser to.

Evercore and Goldman Sachs & Co. LLC are acting as financial advisers to Octus’ shareholders. Media: Lucie Holloway / Rhiannon Davies — External Communications +44 (0)20 7797 1222 newsroom@.com Investors: Peregrine Riviere / Chris Turner — Investor Relations ir@.com The person responsible for this announcement on behalf of is Lisa Condron, the Company Secretary of. Forward-looking statements This announcement may contain statements which are, or may be deemed to be, “forward-looking statements”.

Forward-looking statements are prospective in nature and are not based on historical facts, but rather on current expectations and projections about future events and are therefore subject to risks and uncertainties which could cause actual results to differ materially from the future results expressed or implied by the forward-looking statements.

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There are a number of factors that could cause actual results and developments to differ materially from those expressed or implied by such forward-looking statements. These factors include future market conditions, the behaviour of other market participants, the actions of regulators and other factors such as changes in the political, social and regulatory framework, or in economic or technological trends or conditions. None of or any of its associates or directors, officers or advisers provides any representation, assurance or guarantee that the occurrence of the events expressed or implied in any forward-looking statements in this announcement will actually occur.

You are cautioned not to place undue reliance on these forward-looking statements. Other than in accordance with their legal or regulatory obligations (including under the Listing Rules and the Disclosure Guidance and Transparency Rules of the FCA), is under no obligation, and expressly disclaims any intention or obligation, to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise.

Transmission of this announcement Neither this announcement, nor any copy of it may be taken or transmitted directly or indirectly into or from any jurisdiction where to do so would constitute a violation of the relevant laws or regulations of such jurisdiction. Any failure to comply with this restriction may constitute a violation of such laws or regulations. Persons into whose possession this announcement or other information referred to therein comes, should inform themselves about, and observe, any restrictions in such laws or regulations. Frequently asked questions Who is Octus?

Who is Octus? " role="img" focusable="false" aria-hidden="true" viewBox="0 0 24 24"> Octus is a leading provider of credit solutions across intelligence, data and analytics, serving customers across private, illiquid and distressed credit. The company was founded in 2013 by Kent Collier. What type of data does Octus provide?

What type of data does Octus provide? " role="img" focusable="false" aria-hidden="true" viewBox="0 0 24 24"> Octus’ proprietary data covers the full credit lifecycle, with a leading position in illiquid credit. Its offering includes intelligence, fundamental data and expert analysis that is uniquely developed by Octus’ teams, who source hard-to-access credit documentation, including covenants and deal terms, and turn it into structured, searchable data. Its data is integrated into its purpose-built workflow and portfolio management tools, adding further proprietary data and information for credit market participants.

Customers connect to data and insights directly via Octus’ platform, an MCP connector or via AI workflows. Where is Octus based? Where is Octus based? " role="img" focusable="false" aria-hidden="true" viewBox="0 0 24 24"> Octus is headquartered is in New York City, with a global footprint.

Who is Octus’ CEO? Who is Octus’ CEO? " role="img" focusable="false" aria-hidden="true" viewBox="0 0 24 24"> Octus’ CEO and founder is Kent Collier, who established the business in 2013. Who are Octus’ customers?

Who are Octus’ customers? " role="img" focusable="false" aria-hidden="true" viewBox="0 0 24 24"> Octus has 750 customers and more than 40,000 individual users. Customers include buy-side firms, investment banks, law firms and advisory firms. Why is acquiring Octus?

Why is acquiring Octus? " role="img" focusable="false" aria-hidden="true" viewBox="0 0 24 24"> The acquisition of Octus will transform presence in credit and private market data, creating a leading proposition in these high-growth areas. Combining Octus’ capabilities with fixed income data, analytics and distribution means customers will benefit from integrated solutions and intelligence across public and private credit enabling them to source deals, assess risk and manage their portfolios through platform. How much is paying for Octus?

How much is paying for Octus? " role="img" focusable="false" aria-hidden="true" viewBox="0 0 24 24"> has agreed to acquire Octus for a cash consideration of $3.535 billion. When will the transaction complete? When will the transaction complete?

" role="img" focusable="false" aria-hidden="true" viewBox="0 0 24 24"> The transaction is expected to close in H1 2027, subject to regulatory approval. Will Octus be part of Data & Analytics division? Will Octus be part of Data & Analytics division? " role="img" focusable="false" aria-hidden="true" viewBox="0 0 24 24"> Yes.

Upon completion, Octus will be part of Data & Analytics division, with Kent Collier, founder and CEO of Octus continuing to run the Octus businesses, reporting to Gianluca Biagini and Ron Lefferts, co-heads of Data & Analytics. creates opportunity across the global economy. We unlock the power of markets for customers all over the world. Through our open ecosystem of markets infrastructure and data solutions, we partner with our customers at every stage of trading — to make accessing and deploying capital simpler, faster and more effective.

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