Markit Initiates Secondary Offering of Share Repurchase Worth $350 Million

Markit (Nasdaq:MRKT) has launched a secondary public offering of its common shares to investors, pending certain market conditions, according to a Markit statement.

The new public offering will see approximately 24,586,022 common shares for sale, granting underwriters the right to purchase up to approximately 1,700,000 additional common shares from the selling shareholders.

Acting as joint book-running managers and underwriters for the new offering are BofA Merrill Lynch, Barclays, Citigroup, Credit Suisse, Deutsche Bank Securities, Goldman, Sachs & Co., HSBC, J.P. Morgan, Morgan Stanley, RBC Capital Markets, UBS Investment Bank, BNP PARIBAS, Jefferies, RBS and TD Securities.

Moreover, as part of the offering, Markit intends to purchase from the underwriters a number of common shares with an aggregate value of roughly $350 million at a price per common share that is congruent to the price to be paid to the selling shareholders.

Markit intends to raise $350 million repurchase via a conflux of cash and a drawdown of its revolving credit facility. Markit shares closed below $27.00 per share yesterday, having settled at $26.80 ahead of the US open Thursday.

Earlier this week, Markit agreed to terms that will see the acquisition of Information Mosaic, a software provider for corporate actions and post-trade securities processing. The Acquisition Acquisition Acquisition means acquiring or taking possession or the securing of property, services, or abilities. To put it simply, it is the act or process of acquiring or gaining. You can acquire a work of art, you can acquire an ability such as speaking another language, you can acquire a business or shares in a company and you can acquire an accountant's service. For example, you can acquire a new car. In a broad sense, Acquisition can mean the act of taking ownership or possession of something. There Acquisition means acquiring or taking possession or the securing of property, services, or abilities. To put it simply, it is the act or process of acquiring or gaining. You can acquire a work of art, you can acquire an ability such as speaking another language, you can acquire a business or shares in a company and you can acquire an accountant's service. For example, you can acquire a new car. In a broad sense, Acquisition can mean the act of taking ownership or possession of something. There Read this Term will help Markit extend its corporate actions service via Information Mosaic’s enterprise software.