LSEG Confirms Talks to Acquire Octus for Approximately $3.5 Billion

London Stock Exchange Group plc (LS4C.DE ) confirmed on October 13, 2026 that it is in discussions with Permira regarding the purchase of credit intelligence, data and workflow provider Octus for a consideration of approximately $3.5 billion. In an announcement issued in response to recent press speculation, LSEG stated that no final agreement has been reached and that no transaction is guaranteed.

The group said any transaction would be subject to regulatory approval. The announcement states that it contains inside information within the meaning of Article 7(1) of the assimilated Regulation No. 596/2014 as it forms part of the law of the United Kingdom by virtue of the European Union (Withdrawal) Act 2018, as amended and supplemented. Lisa Condron, Company Secretary of LSEG, is named as the person responsible for the announcement on the group’s behalf. The announcement lists Lucie Holloway and Rhiannon Davies of External Communications as media contacts and Peregrine Riviere and Chris Turner of Investor Relations as investor contacts.

LSEG’s Stated Rationale for the Potential Acquisition

LSEG described Octus in the announcement as a leading credit intelligence, data and workflow provider for buy-side firms, investment banks, law firms and advisory firms. The group stated that Octus’ proprietary data covers the full credit lifecycle, with a leading position in illiquid and private credit, which LSEG characterized as a high growth segment of the market.

LSEG stated that Octus has a strong track record of double-digit revenue growth based on a high-retention subscription model, and described Octus’ coverage and solutions as highly complementary to the group’s existing fixed income data and analytics and private markets solutions. According to the announcement, the potential acquisition of Octus would be immediately accretive to LSEG’s Data & Analytics and Group revenue growth.

Octus Business and Ownership History

Permira’s portfolio page for Octus lists the company as a current, US-based holding in its services and technology sector and describes it as an essential credit intelligence and data provider to buy-side firms, investment banks, law firms and advisory firms. Permira states that Octus, founded in 2013 and formerly named Reorg, serves more than 35,000 professionals, employs more than 300 analysts and journalists, and publishes more than 50,000 intelligence articles annually.

On its company about page, Octus states that it has more than 44,000 global subscribers and a library of more than 11 million deal documents going back more than nine years across 28,000 issuers and more than 63,000 deals. The company says its CreditAI by Octus product layers agentic AI on its library of leveraged finance, legal and credit intelligence. Octus lists a New York office at 295 5th Avenue along with offices in Los Angeles, London and Bogota, and identifies Kent Collier as its founder and chief executive officer. The company describes its development from a distressed debt and bankruptcy startup into a business covering all of leveraged finance, and states that it acquired the credit market data companies LendAmend and FinDox in 2022.

Permira’s ownership of the business dates to an August 1, 2022 announcement that funds advised by Permira had agreed to make a strategic investment in the company, then named Reorg. Under that transaction, Warburg Pincus agreed to sell its majority shareholding in Reorg to Permira, and the Reorg team retained a significant ownership interest. Financial terms of the 2022 transaction were not disclosed. The 2022 announcement stated that Reorg at the time served more than 25,000 professionals across financial institutions, law firms and professional services businesses, and that the deal, subject to customary regulatory approvals, was expected to close in the third quarter of 2022.

“Through the hard work and innovation of Reorg’s global team, we’ve grown from distressed debt and bankruptcy expertise into covering all aspects of the global credit markets,” Collier said in the 2022 announcement.

Evercore served as financial advisor to Reorg on the 2022 transaction and Kirkland & Ellis LLP acted as legal counsel, while UBS Investment Bank and Morgan Stanley (MS ) & Co. LLC served as financial advisors to Permira and Weil, Gotshal & Manges LLP acted as legal counsel.

The company later changed its name from Reorg to Octus. Permira’s portfolio materials identify the business as formerly Reorg, and Octus’s website describes the company’s journey from Reorg to Octus.

LSEG stated on October 13, 2026 that it will provide further information as appropriate.