LSEG to Acquire Octus for $3.54 Billion in Data Analytics Push

What Octus brings to LSEG

Founded in 2013 by Kent Collier, Octus is headquartered in New York and specialises in private, illiquid and distressed credit. It has more than 900 employees, serves 750 customers and reaches over 40,000 individual users, including investment managers, investment banks, law firms and advisory firms.

Its teams collect hard-to-access credit documents, including loan terms and contractual protections known as covenants, and convert them into searchable data. Octus is expected to generate over $300 million in revenue in 2026, with double-digit growth and an adjusted earnings before interest, taxes, depreciation and amortisation (EBITDA) margin of around 40%.

Financial impact and integration plans

LSEG plans to fund the deal through external borrowing. It expects the acquisition to add to revenue growth in its Data & Analytics division from the outset, have no impact on adjusted earnings per share in the first full year after completion, and contribute positively to earnings in the following years.

Octus will join LSEG’s Data & Analytics division, with Collier continuing to lead the business. LSEG plans to combine Octus’ content with its Workspace, LPC, Yield Book, PRS and Tradeweb offerings. The aim is to expand cross-selling opportunities and provide customers with more consistent data, valuation tools and portfolio management services.

The company expects the deal to close in the first half of 2027, subject to regulatory approval.

A wider push into credit markets

The acquisition comes as LSEG expands its fixed-income business beyond traditional market data. The private credit industry is estimated to be worth $3.5 trillion, while the market for private-market data, workflow and access solutions is valued at $7 billion to $9 billion and is expected to grow at a double-digit rate.

The move also complements Tradeweb’s planned acquisition of electronic credit trading platform Trumid for approximately $1.75 billion. Together, the transactions are intended to strengthen LSEG’s position across credit research, data, analytics and trading.

LSEG also raised its full-year guidance after reporting strong results for the third quarter of 2026. It now expects organic income growth, excluding recoveries, of at least 8% at constant exchange rates, an EBITDA margin improvement of 100 to 120 basis points and equity free cash flow of at least £2.8 billion.