S&P Global Acquires With Intelligence

Published: October 30, 2025

S&P Global Inc.

Direct News

S&P Global (SPGI) announced it will acquire With Intelligence for $1.8 billion to strengthen S&P Global Market Intelligence.
Transaction announced as of 2025-10-30; target intended to expand data and analytics capabilities within Market Intelligence.
S&P Global reports 9M 2025 revenue of $11,420M and net income of $3,596M; Q3 2025 revenue was $3,888M (+8.8% YoY).
Company operates five segments including S&P Global Market Intelligence, Ratings, Commodity Insights, Mobility and Dow Jones Indices.

Historical Context

S&P Global, founded in 1860 and headquartered at 55 Water Street, New York, operates five reportable segments including Market Intelligence and Ratings. The company has pursued M&A activity historically, which is reflected in elevated amortization expense and past integration costs disclosed in its 2025 filings. Recent financial reporting through Sep 30, 2025 shows steady revenue growth (9M revenue $11,420M, +7.6% YoY) and improved net income ($3,596M, +12.4% YoY), providing a backdrop for strategic acquisitions aimed at expanding data and analytics capabilities. Filings note the absence of detailed segment revenue breakdowns for 2025 periods, so the precise historical contribution of Market Intelligence to consolidated results is not specified in the public 10-Q material.

Why the deal matters for S&P Global Market Intelligence

The acquisition of With Intelligence is positioned as a capability and content bolt-on for S&P Global Market Intelligence, the company's multi-asset-class data and analytics segment. Management frames the move as a way to deepen workflow solutions and market data offerings that feed institutional and corporate clients. From a financial perspective, the $1.8 billion price tag is modest against S&P Global's reported 9-month revenue of $11.42 billion through September 30, 2025 and a Q3 revenue run-rate showing continued growth (Q3 2025 revenue of $3,888M, +8.8% year-over-year). That scale may help the company absorb integration costs and pursue cross-selling opportunities within its existing client base. However, filings show elevated amortization and integration-related charge exposure: S&P Global recorded $803M of amortization in the 9 months ended Sep 30, 2025, underscoring prior acquisition activity and the potential for added intangible amortization from new deals. The company also reported $1,672M in cash and equivalents as of Sep 30, 2025, which is relevant to how management may finance transactions, though the filing does not disclose transaction financing specifics. Investors should weigh potential commercial upside for Market Intelligence against known integration and operational risks. The company’s public filings do not quantify segment-level revenue splits for 2025 periods, limiting visibility into how quickly incremental revenue from With Intelligence could show up in disclosed segment results. Regulatory oversight, particularly for rating businesses, and management transitions remain on the risk radar.

Governance and execution considerations

S&P Global completed senior leadership changes in the recent period: Douglas L. Peterson retired Nov 1, 2024 and Martina Cheung was appointed CEO; other executive transitions and separation arrangements were disclosed in filings. The company named a new CFO (Eric Aboaf) with onboarding-related compensation reported earlier in 2025. These documented leadership moves are material to execution risk for integrating acquisitions. The company’s 10-Q disclosures also note limitations in publicly reported moat indicators — filings do not supply quantified switching costs, network effects, patent protections, or other structural moat metrics. While scale and cross-segment distribution can provide an execution advantage, the filings do not establish a confirmed structural moat in the way some investors might seek.

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