- Adrian Binks, Argus’ chairman and chief executive, will become majority owner
- GA initially bought its shares in Argus in 2016
- Hg invested in the company in January 2020, acquiring half of GA’s stake
General Atlantic (GA) will make an additional investment to acquire a minority stake in The Argus Media Group, a market intelligence provider.
Adrian Binks, chairman and chief executive of Argus, will continue to lead Argus and will become the majority owner of the company.
Hg will fully exit its shareholding in Argus as part of the transaction.
Argus is headquartered in London. It serves over 11,000 customers in more than 160 countries, providing price assessments, news, analytics, consulting services, data science tools and industry conferences to the global energy and commodities markets.
GA initially bought its shares in Argus in 2016. Hg invested in the company in January 2020, acquiring half of GA’s stake. GA transitioned the remainder of its stake into a continuation fund in 2021 and is investing additional capital from this fund to increase its ownership.
Since GA’s investment in 2016, Argus has more than doubled in size and has accelerated its organic growth, according to a release. FY2023 revenue grew 17 percent year on year, with strong momentum in energy transition products, which grew 46 percent, the release said.
“Argus has delivered highly consistent organic growth since our initial investment, while deepening its role as a critical provider of proprietary pricing data to the global energy and commodities markets,” said Gabriel Caillaux, co-president, MD and head of climate and EMEA at GA. “Looking ahead, Argus continues to capture growth opportunities created by market changes and the energy transition.”
Argus will focus on further diversification to address opportunities in emerging commodities and the energy transition, the release said.
The transaction is expected to close in February, subject to appropriate antitrust/merger controls filings.
No financial terms of the transaction were disclosed.
Morgan Stanley and Evercore acted as financial advisors to GA and Hg respectively. Macfarlanes, Freshfields Bruckhaus Deringer, Skadden, Arps, Slate, Meagher & Flom (UK), and White & Case acted as legal counsel to Argus Media, General Atlantic, Hg, and Adrian Binks.
GA is a global growth investor based in New York. It has around $83 billion in assets under management inclusive of all products as of 31 December 2023.
Based in London, Hg invests in European and transatlantic software and services businesses. It has $65 billion in funds under management.