London Stock Exchange Group has confirmed it is discussing the potential acquisition of credit-data provider Octus from private-equity firm Permira for approximately $3.5 billion.
LSEG said no final agreement has been reached and there is no guarantee that a transaction will occur.
Octus provides credit intelligence, proprietary data and workflow products to asset managers, investment banks, law firms and advisers. Its coverage includes leveraged finance, distressed debt and private credit.
Those markets have become increasingly important as private lending expands outside traditional bank balance sheets.
LSEG said Octus has generated double-digit revenue growth through a high-retention subscription model and that its products would complement LSEG’s existing fixed-income, data-analytics and private-market operations.
The company said a completed acquisition would immediately add to growth in both its Data & Analytics division and the wider group.
Permira acquired Octus, formerly known as Reorg, in 2022 at a valuation of approximately $1.3 billion. Octus is expected to generate around $145 million of EBITDA in 2026 and approximately $200 million in 2027.
The potential transaction illustrates the growing strategic value of proprietary financial data as asset managers increase allocations to private markets and credit instruments that are often less transparent than publicly traded securities.
For LSEG, the acquisition would extend a transformation that has moved the company far beyond its traditional exchange business and deeper into data, analytics and financial infrastructure.
Investors will now watch whether negotiations produce a definitive agreement, the final valuation and the regulatory review required for any completed transaction.
