Blackstone Group (NYSE: BX) and Goldman Sachs Merchant Banking Division are buying Ipreo Holdings LLC from Kohlberg Kravis Roberts & Co. LP (NYSE: KKR).
Ipreo, headquartered in New York, supplies market intelligence and workflow software to the equity, fixed income, municipal and syndicated loan markets. The company's software provides bookbuilding systems, roadshow and conference management tools and electronic document delivery. Terms of the deal were not disclosed.
Under KKR's ownership, the company has grown revenues by about 50 percent and acquired Debtdomain and Discovery Data, which allowed it to expand its services.
Bank of America Merrill Lynch, Morgan Stanley and Citigroup advised Ipreo on the deal. Simpson Thacher & Bartlett acted as Ipreo and KKR's legal adviser.
The buyers were advised by Blackstone Advsory Partners, Goldman Sachs & Co. and Marlin & Associates. Financing for the deal is being led by Goldman and BofA Merrill Lynch, with Credit Suisse, Deutsche Bank, Morgan Stnaley and RBC Capital Markets as participants. Davis Polk & Wardwell, Fried Frank and Kirkland & Ellis provided legal advice to the buyers.