S&P Global and IHS Markit entered into a definitive merger agreement on November 30 to combine in an all-stock transaction which values IHS Markit at an enterprise value of USD 44 billion, including USD 4.8 billion of net debt. The transaction brings together two world-class organizations, a unique portfolio of highly complementary assets in attractive markets and cutting edge innovation and technology capability to accelerate growth and enhance value creation. S&P Global and IHS Markit's unique and highly complementary assets will leverage cutting-edge innovation and technology capability, including Kensho and the IHS Markit Data Lake, to enhance the customer value proposition and provide the intelligence customers need to make decisions with conviction. Serving a global customer base across financial information and services, ratings, indices, commodities and energy, and transportation and engineering, the pro forma company will provide differentiated solutions important to the workflows of many of the world's leading companies.
The transaction is expected to close in the second half of 2021, subject to, among other things, the expiration or termination of the applicable waiting periods under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended, other antitrust and regulatory approvals, and other customary closing conditions. The transaction requires the approval of shareholders of both S&P Global and IHS Markit and is not subject to any financing conditions.
Goldman, Sachs & Co. LLC is serving as lead financial advisor to S&P Global. Citi, Credit Suisse and HSBC Securities (USA) Inc are also serving as financial advisors to S&P Global. Wachtell, Lipton, Rosen & Katz is serving as legal advisor to S&P Global. Boston Consulting Group is serving as strategy advisor and KPMG LLP is serving as transaction advisor to S&P Global. Morgan Stanley & Co LLC is serving as lead financial advisor to IHS Markit. Barclays, Jefferies LLC and JP Morgan Securities LLC are also serving as financial advisors to IHS Markit. Davis Polk & Wardwell LLP is serving as legal advisor to IHS Markit. Oliver Wyman is serving as strategy advisor to IHS Markit.