Mark O'Hare, the founder of Preqin, became a billionaire following BlackRock's acquisition of his data company. The acquisition, valued at $3.2 billion, has set the stage for O'Hare to transform his employees into millionaires.
Employee Payouts Reach $650 Million
As a result of BlackRock's acquisition of Preqin, employees are set to receive a significant windfall. The total payout of approximately $650 million will elevate several staffers to millionaire status. Mark O'Hare and his wife are expected to walk away with around $2 billion post-tax.
O'Hare's Wealth Surpasses BlackRock CEO
O'Hare, who owns nearly 80% of Preqin through Valhalla Venture, stands to gain approximately $2.6 billion from the acquisition. However, after taxes, this amount decreases to roughly $2 billion. This significant increase in wealth positions O'Hare ahead of BlackRock CEO Larry Fink, whose net worth is estimated at $1.7 billion.
Joining BlackRock as Vice Chair
As part of the acquisition deal, O'Hare will transition to BlackRock as a vice chair. In a press release, he expressed excitement about the collaboration, stating, "BlackRock is known for excellence in both investment management and financial technology, and together we can accelerate our efforts to deliver better private markets data and analytics to all of our clients at scale. I look forward to joining BlackRock and continuing to play a role in the continued growth and success of Preqin and our customers."
Preqin's Focus on Financial Data and Analytics
Founded in 2002, Preqin is a financial data and analytics provider specializing in alternative investments. With a client base of 30,000 private market investors, 60,000 fund managers, and 190,000 funds, the company anticipates generating approximately $240 million in revenue by 2024.
A History of Successful Sales
This successful acquisition marks O'Hare's second major sale, following Reuters' purchase of his equity owner database, Citywatch, in 1998. With a track record of building and selling thriving businesses, O'Hare's entrepreneurial journey continues to make waves in the financial industry.
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By: ledmonds@businessinsider.com (Lauren Edmonds)
Title: Mark O’Hare Turns Preqin Employees into Millionaires After BlackRock Acquisition
Sourced From: www.businessinsider.com/preqin-ceo-mark-ohare-blackrock-billionaire-employees-2024-7
Published Date: Sat, 06 Jul 2024 17:19:01 +0000
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