ABERDEEN, Scotland - Monday, 01. July 2024
(BUSINESS WIRE) -- TauRx Pharmaceuticals Ltd, a global leader in tau-based research in Alzheimer’s disease (AD), has announced the submission of a UK Marketing Authorisation Application (MAA) for hydromethylthionine mesylate (HMTM) for treatment of mild cognitive impairment (MCI-AD) and mild to moderate stages of dementia due to Alzheimer’s disease.
HMTM has been designated by the UK’s Medicines and Healthcare products Regulatory Agency (MHRA) for the Innovative Licensing and Access Pathway (ILAP). If successful, the UK could be the first country in which an accessible, safe, oral treatment, which targets the hallmark tau pathology of the disease, becomes available to patients.
The MAA is based on the totality of evidence available from the recently released 24-month Phase 3 LUCIDITY data and two earlier Phase 3 trials in mild to moderate AD. These studies have been consistent in showing benefit on measures of decline in cognition, ability to perform normal activities of daily living, and reduction in the rate of brain shrinkage.
Tau aggregation is strongly correlated with the rate and severity of cognitive decline, brain atrophy, and the damage to neurons responsible for the characteristic neurodegeneration of the disease. HMTM acts by selectively inhibiting the aggregation of tau-protein in brain nerve cells. It also has a second mode of action which results in enhancement of brain functioning.
Commenting on the submission, Professor Claude Wischik, Executive Chairman of TauRx, said: “This is a significant milestone for TauRx and is an important step in potentially bringing a new type of treatment and a new hope to patients and families who carry the burden of this terrible disease.”
NOTES
ABOUT HMTM
Hydromethylthionine mesylate (HMTM) has been developed as a potential oral treatment for AD targeting tau aggregation. It also has a secondary tau-independent mode of action which increases acetylcholine levels in the hippocampus. The global Phase 3 clinical trial LUCIDITY has recently completed and the data were presented at the AD/PD™ 2024 Alzheimer's & Parkinson's Diseases Conference in Lisbon, Portugal, on 7 March. With over 3,000 subjects studied, HMTM has a strong safety profile and could be delivered with minimal patient and physician burden.
Neurofilament Light Chain (NfL) is an established biomarker for neurodegeneration. LUCIDITY showed a significant reduction in the change of NfL, in the randomised double-blind portion of the study at 12 months. Clinical measures of cognition showed improvement over baseline levels that was sustained over 18 months in MCI, as diagnosed in the LUCIDITY trial. Patients who were in the control group were unable to catch up in terms of cognitive function despite transitioning to 16mg per day HMTM (target dose) in the open-label phase after 12 months. This emphasises the importance of early intervention with effective therapies in AD.
ABOUT TAURx PHARMACEUTICALS LTD
TauRx was founded in 2002 in Singapore, with primary research facilities and operations based in Aberdeen, UK. In collaboration with the University of Aberdeen, the company has dedicated the past two decades to developing treatments and diagnostics for Alzheimer’s and other neurodegenerative diseases due to pathological aggregation of tau and other proteins.
AD is a leading cause of disability and death throughout the world and is one of the most important global public health issues. TauRx will contribute to addressing this urgent unmet need with data from the totality of evidence available from LUCIDITY and the earlier AD trials in pursuit of regulatory approvals starting in UK. TauRx’s hope is to make HMTM available for people living with Alzheimer’s as soon as possible. Future research is planned for other related neurodegenerative diseases. https://taurx.com/
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Contacts
Ruaridh Hanna, Aspect, ruaridh.hanna@weareaspect.com / 07723679101
Monday, July 1, 2024
IHS Holding Limited Announces Results of 2024 Annual Meeting of Shareholders
(BUSINESS WIRE) -- IHS Holding Limited (NYSE: IHS) (“IHS Towers” or the “Company”), one of the largest independent owners, operators, and developers of shared communications infrastructure in the world by tower count, on Friday, 28 June 2024, announced the results of its 2024 Annual Meeting of Shareholders.
At the Annual General Meeting, all the proposals put to the vote of shareholders were adopted, including the re-election of Frank Dangeard, Phuthuma Nhleko, Mallam Bashir El-Rufai and Nicholas Land as Independent Directors until the Company’s 2025 AGM, and the proposal to amend and restate the Company’s memorandum and articles of association, with the following key items now also included in the second amended and restated articles:
declassify the Company’s Board in two phases, with the periods extending through AGMs for fiscal years 2024 and 2025;
reduce the threshold for shareholders to nominate directors from 30% previously to 10%, on an individual shareholder basis following the AGM for fiscal year 2024, and on an aggregate basis following the fiscal year AGM for 2025;
reduce the threshold for shareholders to bring business before a general meeting from 30% previously to 10%, on an individual shareholder basis following the AGM for fiscal year 2024 and on an aggregate basis following the AGM for 2025;
introduce a new right for shareholders owning at least 25% of shares to request a general meeting following the AGM for fiscal year 2025; and
reduce the threshold to remove directors from requiring a special resolution previously to an ordinary resolution.
Sam Darwish, Chairman and Chief Executive Officer, IHS Towers, stated, “I am pleased that shareholders have supported our efforts and commitment to strong corporate governance and constructive shareholder engagement. The matters tabled and approved at this year’s AGM are a result of our Board’s responsiveness to shareholders over the past year, and further align our interests with shareholders as we continue to operate with independence and neutrality among mobile network operators.”
The Company continues to focus on a number of important areas including but not limited to its ongoing Strategic Review, commercial progress across the portfolio and the strength of our balance sheet.
Mr. Darwish continued, “We are making great commercial progress as highlighted by the renewals and extensions with both MTN and Airtel this year. With MTN Rwanda MLA just signed, we have now completed all contract renewals and extensions with MTN outside Nigeria covering the five countries of Cameroon, Cote d’Ivoire, Zambia, Rwanda and South Africa - a total of over 12,200 tenancies renewed or extended into the next decade. The renewals with our largest client in addition to the signing of a new 3,950 tenant multi-year roll-out agreement with Airtel in Nigeria announced earlier this year are a testament to the criticality of our digital infrastructure to the industry and reaffirms our leading position on the continent. This commercial success taken together with the governance enhancements ratified at the AGM demonstrate our ability and commitment to drive value creation. We appreciate the engagement and input from all our shareholders as we work to achieve this goal. We will continue to engage with our various stakeholders to enhance value and drive shareholder returns.”
The final voting results for the 2024 Annual General Meeting as well as the full text of the second amended and restated memorandum and articles of association can be found on the Form 6-K furnished with the Securities and Exchange Commission on June 28, 2024, disclosing the vote tabulations following certification by the inspector of elections.
About IHS Towers: IHS Towers is one of the largest independent owners, operators and developers of shared communications infrastructure in the world by tower count and is solely focused on the emerging markets. The Company has over 40,000 towers across its 10 markets, including Brazil, Cameroon, Colombia, Côte d’Ivoire, Egypt, Kuwait, Nigeria, Rwanda, South Africa and Zambia. For more information, please email: communications@ihstowers.com or visit: www.ihstowers.com
Cautionary statements
This press release contains forward-looking statements. We intend such forward-looking statements to be covered by relevant safe harbor provisions for forward-looking statements (or their equivalent) of any applicable jurisdiction, including those contained in Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). All statements other than statements of historical facts contained in this press release may be forward-looking statements. In some cases, you can identify forward-looking statements by terms such as “may,” “will,” “should,” “expects,” “plans,” “anticipates,” “could,” “intends,” “targets,” “projects,” “contemplates," “believes,” “estimates,” “forecast,” “predicts,” “potential” or “continue” or the negative of these terms or other similar expressions. Forward-looking statements contained in this press release include, but are not limited to statements regarding our business strategy and plans, market growth and our objectives for future operations, including our ability to continue to renew customer lease agreements, and the potential benefits to the Company resulting from the second amended and restated memorandum and articles of association.
We have based these forward-looking statements largely on our current expectations and projections about future events and financial trends that we believe may affect our business, financial condition and results of operations. Forward-looking statements involve known and unknown risks, uncertainties and other important factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements, including, but not limited to we may not successfully execute our business strategy and operating plans or manage our growth; competition in the tower infrastructure industry could have a material and adverse effect on our business; we may become party to disputes and legal, tax and regulatory proceedings or actions; and increased costs and obligations incurred as a result of operating as a public company; and the other important factors discussed in the section titled “Risk Factors” in our Annual Report on Form 20-F for the fiscal year ended December 31, 2023.
The forward-looking statements in this press release are based upon information available to us as of the date of this press release, and while we believe such information forms a reasonable basis for such statements, such information may be limited or incomplete, and our statements should not be read to indicate that we have conducted an exhaustive inquiry into, or review of, all potentially available relevant information. These statements are inherently uncertain and investors are cautioned not to unduly rely upon these statements. You should read this press release and the documents that we reference in this press release with the understanding that our actual future results, performance and achievements may be materially different from what we expect. We qualify all of our forward-looking statements by these cautionary statements. These forward-looking statements speak only as of the date of this press release. Except as required by applicable law, we do not assume, and expressly disclaim, any obligation to publicly update or revise any forward-looking statements contained in this press release, whether as a result of any new information, future events or otherwise. Additionally, references to our website and other documents contained in this press release are provided for convenience only, and their content is not incorporated by reference into this press release.
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Contacts
Giles Bethule/ Akash Lodh
FGS Global
Giles.Bethule@fgsglobal.com / Akash.Lodh@fgsglobal.com
Tabreed Brings Unrivaled Experience to Big 5 Construct Egypt as Sponsor and Participant
Engaging with the region’s premier developers and legislators, Tabreed champions the virtues of District Cooling as the only viable option for Sustainable Cities
Tabreed, the world’s leading district cooling company, has completed its participation at this year’s Big 5 Construct Egypt, where members of its executive management team led the discussion on the vital topics of decarbonisation through planning efficiency and the role of district cooling in sustainable cities.
This was the sixth edition of the most influential construction event in Egypt, with technology and sustainability both high on its agenda. For Tabreed, this presented an unmissable opportunity to engage with developers, architects, planners, engineers, consultants and government officials, to openly discuss the opportunities available to them through the uptake of district cooling. The industry has already proved itself over many decades to enormously benefit governments, customers, communities and investors across the GCC, enabling societal progress and rapid, sustainable growth.
“District cooling is universally acknowledged as a vital player in the mitigation of climate change,” commented Tabreed’s Chief Executive Officer, Khalid Al Marzooqi. “As global populations and temperatures rise, so is the demand for cooling. Meeting that demand should not cost the earth and district cooling has shown itself to be indispensable, using 50% less energy than conventional air conditioning.
“Every year our operations prevent the release of millions of tons of carbon emissions and Egypt already benefits from Tabreed’s presence – we provide cooling for the prestigious Downtown Katameya in New Cairo. We see enormous potential for further expansion across the country, which is undergoing a significant construction boom with many new cities planned or under development. Big 5 Construct, then, has provided us with an excellent platform from which to address vitally important and influential decision makers about incorporating district cooling in their plans at the earliest possible stages, so it forms an integral part of a sustainable and intelligent infrastructure.”
About National Central Cooling Company PJSC (Tabreed)
Tabreed provides essential and sustainable district cooling services to iconic developments in the Middle East and Asia, a leading driver of progress for people, communities and environments around the world towards a more sustainable future. Founded in 1998 and publicly listed on the Dubai Financial Market, it is one of the UAE’s strongest growth companies.
Through its extensive regional and international operations, industry-leading reliability and efficiency, R&D programmes and investment in AI technology, Tabreed further solidifies its position as the district cooling industry’s global leader. In addition to district cooling, Tabreed’s energy efficiency services extend the company’s sustainability impact, helping businesses and organisations to improve their overall energy consumption, in turn reducing CO2 emissions and assisting in the achievement of carbon neutrality objectives.
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Contacts
Samer Al Tawil
Senior Manager, Marketing and Engagement
saltawil@tabreed.ae
Kevin Hackett
Assistant Manager, External Communications
khackett@tabreed.ae
Hero MotoCorp Pays Tribute to Its Founder & Chairman Emeritus, Hero Forever, Dr. Brijmohan Lall Munjal With the Collector's Edition Motorcycle - 'The Centennial'
(BUSINESS WIRE)--Hero MotoCorp, the world's largest motorcycle and scooter manufacturer, is paying tribute to its visionary Founder Chairman, Dr. Brijmohan Lall Munjal, with the collector's edition motorcycle, 'The Centennial.'
"Dr. Brijmohan Lall Munjal, my father and Founder Chairman of Hero MotoCorp, inspired billions worldwide. His vision transformed the landscape of the Indian automotive industry, and the Indian industry, leaving behind a legacy of ingenuity, innovation, courage and integrity. For him, business transcended profit - it was about people, both the individual and the community.
"As we celebrate the completion of one year of his centennial anniversary, I am overwhelmed and proud to introduce ‘The Centennial’ - a marvel of engineering crafted in honour of his legacy. ‘The Centennial’ is not merely a landmark motorcycle but a memoir, written in steel and carbon fibre. This magnificent machine's design, engineering and technology all reflect the indelible mark of our inspiring Founder.
"His inclusive vision embraced everyone in the Hero community – our customers, employees, dealers, partners, suppliers, and other stakeholders. Over these 100 days, we celebrate the man who started it all. I invite everyone to join us in honouring Dr. Brijmohan Lall Munjal on his 101st birth anniversary."
Dr. Pawan Munjal
Executive Chairman
Hero MotoCorp
'The Centennial' was conceptualised, designed and developed by the global experts at the Hero Centre for Innovation and Technology (CIT) in India and the Hero Tech Centre in Germany (TCG). This masterpiece reflects the company's commitment to innovation and excellence. With only 100 meticulously handcrafted units, it embodies premium performance and craftsmanship.
In honour of Dr. Brijmohan Lall Munjal's 101st birth anniversary, the company will auction these bikes to its employees, associates, business partners, and stakeholders. The proceeds from the contributions will be utilised for the society's greater good, reflecting the Founder's enduring value of giving back to the community.
Deliveries of ‘The Centennial’ will begin in September 2024.
Additionally, driven by its commitment to inclusivity and sustainability, the company is celebrating 100 days of customer and employee engagements across its facilities and dealer network, including its Global markets. During this period, customers who buy any Hero motorcycle or scooter will have the unique opportunity to receive 100% cashback on their purchase. This offer is available for a limited number of 100 vehicles. Further details are available on the company website and social media platforms.
Hero MotoCorp will also be inviting its customers to partake in the ‘My Hero, My Story’ campaign, where they can share anecdotes showcasing their unique bond and journey with the brand. A distinguished panel of experts from diverse backgrounds will carefully evaluate the submissions, and the top entries will be rewarded with the coveted ‘The Centennial.’
The Centennial
‘The Centennial’ stands out with its exceptional craftsmanship, carbon fibre and milled aluminium usage, and meticulous engineering.
Its distinctive elements include a lightweight aluminium swingarm for an enhanced riding experience and newly designed carbon fibre body panels for sleek aesthetics and structural rigidity. ‘The Centennial’ features are specially developed, machined, and anodised, including handlebars, handlebar mounts, triple clamps, and rear-set foot pegs.
Delivering impressive performance and agility, the bike is equipped with a gas-charged, fully adjustable mono-shock from Wilbers and a 43-mm upside-down front suspension with damping adjustment.
A distinct, deep exhaust note emanates from the top-of-the-line carbon fibre and titanium exhaust system by Akrapovic, which is specially tuned for peak performance and integrates seamlessly with the bike.
The solo seat with a carbon fibre seat cowl and milled aluminium special edition numbered badging on the side covers add to the bike's uniqueness and exclusivity. Attention to detail is evident in the diamond-cut alloy wheels and the engine and frame's paint scheme, which enhance the motorcycle's visual appeal.
With a low kerb weight of 158 kg, ‘The Centennial’ is exceptionally light, offering superior throttle response and improved handling and braking performance.
For more information, please visit - https://www.heromotocorp.com/en-in/the-centennial.html
For more information on Hero MotoCorp:
https://www.heromotocorp.com/en-in/
https://www.facebook.com/HeroMotoCorpIndia
https://twitter.com/HeroMotoCorp
https://www.instagram.com/heromotocorp/
https://www.youtube.com/c/HeroMotoCorp
https://www.linkedin.com/company/heromotocorp/mycompany/
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Contacts
Press Contact:
corporate.communication@heromotocorp.com
MOGAS Awarded Contract to Support TC2C™ New Technology
(BUSINESS WIRE) -- MOGAS Industries has been awarded a multimillion-dollar contract for the South Korean S-Oil Shaheen Project for the first-ever commercialization of TC2C™ (Thermal Crude to Chemicals) technology. The TC2C™ technology licensed by Lummus Technology converts whole crude and other refinery orphan streams into high value olefin and aromatic products, and includes one of the world’s largest steam crackers.
On the back of earlier project successes for ebullated bed hydrocracking with technology licensor Chevron Lummus Global (CLG), MOGAS will supply more than ninety 2-inch through 14-inch, ASME 300–2500 Class severe service valves and actuation packages, which include multiple fast-acting, metal-seated emergency shutdown valves.
“We are proud to be part of Aramco's largest investment into South Korea and to be part of the first TC2C™ process plant. This investment will make a positive impact on the global marketplace with clean heavy crude upgrading that supports the green economy,” says MOGAS CEO Matt Mogas.
Recognized as a leader in severe service valves and service specifically in heavy oil applications for over 40 years, MOGAS provides a high level of confidence in both product and technical assistance, ensuring a smooth startup and operation. MOGAS has over 11,000 valves installed in more than 30 ebullated and slurry bed hydrocracking active operations world-wide.
ABOUT MOGAS
MOGAS Industries is the most trusted severe service technology company offering severe service valves, surface engineering / coating, modular process units, and aftermarket support. Our world-renowned, application-specific products and service are best-in-class for critical applications in power, mining, oil & gas, refining, chemical/petrochemical, pulp & paper and specialty industries.
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Contacts
Steve Mauldin
MOGAS Industries, Inc.
Global Brand and Communications
smauldin@mogas.com
Moody’s and MSCI Announce a Strategic Partnership to Enhance Transparency and Deliver Data-Driven Risk Solutions
July 01, 2024 07:00 AM Eastern Daylight Time
NEW YORK--(BUSINESS WIRE)--MSCI Inc. (NYSE:MSCI) and Moody’s Corporation (NYSE:MCO) today announced a groundbreaking strategic partnership agreement, leveraging each other’s strengths to bring greater transparency on ESG and sustainability to markets and power better decisions.
Moody’s will leverage MSCI’s sustainability data and models, which are used by the world’s largest asset managers and asset owners. The agreement, entered into last week, includes MSCI’s industry-leading ESG ratings and content, which measure a company’s management of financially relevant ESG risks and opportunities. With access to MSCI data, Moody’s intends over time to migrate its existing ESG data and scores to offering MSCI’s sustainability content through a range of solutions serving Moody’s customers in the banking, insurance and corporate sectors.
MSCI will gain access to Moody’s Orbis database, the world’s leading source of firmographic information with data on more than 500 million entities, to extend its private company ESG coverage. In addition, MSCI and Moody’s will explore solutions that leverage Moody’s private company data and credit scoring models to provide greater insight into the private credit market.
“Moody’s is excited to partner with MSCI, a leader in solutions for the global investment community and a pioneer in ESG and sustainability,” said Rob Fauber, President and CEO of Moody’s. “This is a real win-win, as Moody’s customers gain access to MSCI’s renowned ESG content and MSCI customers will gain access to Moody’s world-class risk assessment expertise, data and insights.”
“We are exceptionally pleased to partner with Moody’s to offer MSCI’s ESG and sustainability data to Moody’s broad base of global customers,” said Henry A. Fernandez, Chairman and CEO of MSCI. “Sustainability remains one of the most important trends reshaping the global investment landscape, and the shift to private assets is another. This agreement will help MSCI expand our private company ESG coverage and deliver enhanced solutions across client segments and asset classes.”
The partnership does not impact Moody’s Ratings, the credit rating agency, which will continue to provide transparency into the material impacts of ESG factors on its credit ratings through its proprietary Credit Impact Scores and Issuer Profile Scores. Moody’s Ratings will also continue to offer its sustainable finance offerings, including Second Party Opinions and Net Zero Assessments. In addition, Moody’s remains committed to providing its market-leading climate solutions to customers.
The financial terms of the deal were not disclosed.
About Moody’s Corporation
In a world shaped by increasingly interconnected risks, Moody’s (NYSE: MCO) data, insights, and innovative technologies help customers develop a holistic view of their world and unlock opportunities. With a rich history of experience in global markets and a diverse workforce of approximately 15,000 across more than 40 countries, Moody’s gives customers the comprehensive perspective needed to act with confidence and thrive. Learn more at moodys.com.
About MSCI
MSCI is a leading provider of critical decision support tools and services for the global investment community. With over 50 years of expertise in research, data, and technology, we power better investment decisions by enabling clients to understand and analyze key drivers of risk and return and confidently build more effective portfolios. We create industry-leading research-enhanced solutions that clients use to gain insight into and improve transparency across the investment process. To learn more, please visit www.msci.com.
“Safe Harbor” statement under the Private Securities Litigation Reform Act of 1995
Certain statements contained in this document are forward-looking statements and are based on future expectations, plans and prospects for Moody’s business and operations that involve a number of risks and uncertainties. Such statements involve estimates, projections, goals, forecasts, assumptions and uncertainties that could cause actual results or outcomes to differ materially from those contemplated, expressed, projected, anticipated or implied in the forward-looking statements. Stockholders and investors are cautioned not to place undue reliance on these forward-looking statements. The forward-looking statements and other information in this document are made as of the date hereof, and Moody’s undertakes no obligation (nor does it intend) to publicly supplement, update or revise such statements on a going-forward basis, whether as a result of subsequent developments, changed expectations or otherwise, except as required by applicable law or regulation. In connection with the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995, Moody’s is identifying certain factors that could cause actual results to differ, perhaps materially, from those indicated by these forward-looking statements. These factors, risks and uncertainties include, but are not limited to: the impact of general economic conditions (including significant government debt and deficit levels, and inflation and related monetary policy actions by governments in response to inflation) on worldwide credit markets and on economic activity, including on the volume of mergers and acquisitions, and their effects on the volume of debt and other securities issued in domestic and/or global capital markets; the uncertain effectiveness and possible collateral consequences of U.S. and foreign government initiatives and monetary policy to respond to the current economic climate, including instability of financial institutions, credit quality concerns, and other potential impacts of volatility in financial and credit markets; the global impacts of the Russia - Ukraine military conflict and the military conflict in Israel and the surrounding areas on volatility in world financial markets, on general economic conditions and GDP in the U.S. and worldwide, on global relations and on the Company's own operations and personnel; other matters that could affect the volume of debt and other securities issued in domestic and/or global capital markets, including regulation, increased utilization of technologies that have the potential to intensify competition and accelerate disruption and disintermediation in the financial services industry, as well as the number of issuances of securities without ratings or securities which are rated or evaluated by non-traditional parties; the level of merger and acquisition activity in the U.S. and abroad; the uncertain effectiveness and possible collateral consequences of U.S. and foreign government actions affecting credit markets, international trade and economic policy, including those related to tariffs, tax agreements and trade barriers; the impact of MIS’s withdrawal of its credit ratings on countries or entities within countries and of Moody’s no longer conducting commercial operations in countries where political instability warrants such actions; concerns in the marketplace affecting our credibility or otherwise affecting market perceptions of the integrity or utility of independent credit agency ratings; the introduction or development of competing and/or emerging technologies and products; pricing pressure from competitors and/or customers; the level of success of new product development and global expansion; the impact of regulation as an NRSRO, the potential for new U.S., state and local legislation and regulations; the potential for increased competition and regulation in the jurisdictions in which we operate, including the EU; exposure to litigation related to our rating opinions, as well as any other litigation, government and regulatory proceedings, investigations and inquiries to which Moody’s may be subject from time to time; provisions in U.S. legislation modifying the pleading standards and EU regulations modifying the liability standards applicable to credit rating agencies in a manner adverse to credit rating agencies; provisions of EU regulations imposing additional procedural and substantive requirements on the pricing of services and the expansion of supervisory remit to include non-EU ratings used for regulatory purposes; uncertainty regarding the future relationship between the U.S. and China; the possible loss of key employees and the impact of the global labor environment; failures or malfunctions of our operations and infrastructure; any vulnerabilities to cyber threats or other cybersecurity concerns; the timing and effectiveness of our restructuring programs, such as the 2022 - 2023 Geolocation Restructuring Program; currency and foreign exchange volatility; the outcome of any review by tax authorities of Moody’s global tax planning initiatives; exposure to potential criminal sanctions or civil remedies if Moody’s fails to comply with foreign and U.S. laws and regulations that are applicable in the jurisdictions in which Moody’s operates, including data protection and privacy laws, sanctions laws, anti-corruption laws, and local laws prohibiting corrupt payments to government officials; the impact of mergers, acquisitions, such as our acquisition of RMS, or other business combinations and the ability of Moody’s to successfully integrate acquired businesses; the level of future cash flows; the levels of capital investments; and a decline in the demand for credit risk management tools by financial institutions. These factors, risks and uncertainties as well as other risks and uncertainties that could cause Moody’s actual results to differ materially from those contemplated, expressed, projected, anticipated or implied in the forward-looking statements are described in greater detail under “Risk Factors” in Part I, Item 1A of Moody’s annual report on Form 10-K for the year ended December 31, 2023, and in other filings made by the Company from time to time with the SEC or in materials incorporated herein or therein. Stockholders and investors are cautioned that the occurrence of any of these factors, risks and uncertainties may cause the Company’s actual results to differ materially from those contemplated, expressed, projected, anticipated or implied in the forward-looking statements, which could have a material and adverse effect on the Company’s business, results of operations and financial condition. New factors may emerge from time to time, and it is not possible for the Company to predict new factors, nor can the Company assess the potential effect of any new factors on it. Forward-looking and other statements in this document may also address our corporate responsibility progress, plans, and goals (including sustainability and environmental matters), and the inclusion of such statements is not an indication that these contents are necessarily material to investors or required to be disclosed in the Company’s filings with the Securities and Exchange Commission. In addition, historical, current, and forward-looking sustainability-related statements may be based on standards for measuring progress that are still developing, internal controls and processes that continue to evolve, and assumptions that are subject to change in the future.
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements relate to future events or to future financial performance and involve known and unknown risks, uncertainties and other factors that may cause MSCI's actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by these statements. In some cases, you can identify forward-looking statements by the use of words such as “may,” “could,” “expect,” “intend,” “plan,” “seek,” “anticipate,” “believe,” “estimate,” “predict,” “potential” or “continue,” or the negative of these terms or other comparable terminology. You should not place undue reliance on forward-looking statements because they involve known and unknown risks, uncertainties and other factors that are, in some cases, beyond MSCI’s control and that could materially affect actual results, levels of activity, performance or achievements.
Other factors that could materially affect MSCI's actual results, levels of activity, performance or achievements can be found in MSCI’s Annual Report on Form 10-K for the fiscal year ended December 31, 2023 filed with the Securities and Exchange Commission (“SEC”) on February 9, 2024 and in quarterly reports on Form 10-Q and current reports on Form 8-K filed or furnished with the SEC. If any of these risks or uncertainties materialize, or if MSCI’s underlying assumptions prove to be incorrect, actual results may vary significantly from what MSCI projected. Any forward-looking statement in this press release reflects MSCI’s current views with respect to future events and is subject to these and other risks, uncertainties and assumptions relating to MSCI’s operations, results of operations, growth strategy and liquidity. MSCI assumes no obligation to publicly update or revise these forward-looking statements for any reason, whether as a result of new information, future events, or otherwise, except as required by law.
Contacts
For Moody’s Investor Relations:
Shivani Kak
Moody’s Corporation
+1 212-553-0298
Shivani.Kak@moodys.com
For Moody’s Communications:
Michael Adler
Moody’s Corporation
+1 347-225-7472
Michael.Adler@moodys.com
For MSCI Investor Relations:
Jeremy Ulan
MSCI
+1 646 778 4184
jeremy.ulan@msci.com
Jisoo Suh
MSCI
+1 212 804 1598
jisoo.suh@msci.com
For MSCI Communications:
pr@msci.com
Julie Mansmann
MSCI
+1 917 815 6375
Calum MacDougall
MSCI
+44 (0) 7876 836 759
Source: Moody’s Corporation Investor Relations
NEW YORK--(BUSINESS WIRE)--MSCI Inc. (NYSE:MSCI) and Moody’s Corporation (NYSE:MCO) today announced a groundbreaking strategic partnership agreement, leveraging each other’s strengths to bring greater transparency on ESG and sustainability to markets and power better decisions.
Moody’s will leverage MSCI’s sustainability data and models, which are used by the world’s largest asset managers and asset owners. The agreement, entered into last week, includes MSCI’s industry-leading ESG ratings and content, which measure a company’s management of financially relevant ESG risks and opportunities. With access to MSCI data, Moody’s intends over time to migrate its existing ESG data and scores to offering MSCI’s sustainability content through a range of solutions serving Moody’s customers in the banking, insurance and corporate sectors.
MSCI will gain access to Moody’s Orbis database, the world’s leading source of firmographic information with data on more than 500 million entities, to extend its private company ESG coverage. In addition, MSCI and Moody’s will explore solutions that leverage Moody’s private company data and credit scoring models to provide greater insight into the private credit market.
“Moody’s is excited to partner with MSCI, a leader in solutions for the global investment community and a pioneer in ESG and sustainability,” said Rob Fauber, President and CEO of Moody’s. “This is a real win-win, as Moody’s customers gain access to MSCI’s renowned ESG content and MSCI customers will gain access to Moody’s world-class risk assessment expertise, data and insights.”
“We are exceptionally pleased to partner with Moody’s to offer MSCI’s ESG and sustainability data to Moody’s broad base of global customers,” said Henry A. Fernandez, Chairman and CEO of MSCI. “Sustainability remains one of the most important trends reshaping the global investment landscape, and the shift to private assets is another. This agreement will help MSCI expand our private company ESG coverage and deliver enhanced solutions across client segments and asset classes.”
The partnership does not impact Moody’s Ratings, the credit rating agency, which will continue to provide transparency into the material impacts of ESG factors on its credit ratings through its proprietary Credit Impact Scores and Issuer Profile Scores. Moody’s Ratings will also continue to offer its sustainable finance offerings, including Second Party Opinions and Net Zero Assessments. In addition, Moody’s remains committed to providing its market-leading climate solutions to customers.
The financial terms of the deal were not disclosed.
About Moody’s Corporation
In a world shaped by increasingly interconnected risks, Moody’s (NYSE: MCO) data, insights, and innovative technologies help customers develop a holistic view of their world and unlock opportunities. With a rich history of experience in global markets and a diverse workforce of approximately 15,000 across more than 40 countries, Moody’s gives customers the comprehensive perspective needed to act with confidence and thrive. Learn more at moodys.com.
About MSCI
MSCI is a leading provider of critical decision support tools and services for the global investment community. With over 50 years of expertise in research, data, and technology, we power better investment decisions by enabling clients to understand and analyze key drivers of risk and return and confidently build more effective portfolios. We create industry-leading research-enhanced solutions that clients use to gain insight into and improve transparency across the investment process. To learn more, please visit www.msci.com.
“Safe Harbor” statement under the Private Securities Litigation Reform Act of 1995
Certain statements contained in this document are forward-looking statements and are based on future expectations, plans and prospects for Moody’s business and operations that involve a number of risks and uncertainties. Such statements involve estimates, projections, goals, forecasts, assumptions and uncertainties that could cause actual results or outcomes to differ materially from those contemplated, expressed, projected, anticipated or implied in the forward-looking statements. Stockholders and investors are cautioned not to place undue reliance on these forward-looking statements. The forward-looking statements and other information in this document are made as of the date hereof, and Moody’s undertakes no obligation (nor does it intend) to publicly supplement, update or revise such statements on a going-forward basis, whether as a result of subsequent developments, changed expectations or otherwise, except as required by applicable law or regulation. In connection with the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995, Moody’s is identifying certain factors that could cause actual results to differ, perhaps materially, from those indicated by these forward-looking statements. These factors, risks and uncertainties include, but are not limited to: the impact of general economic conditions (including significant government debt and deficit levels, and inflation and related monetary policy actions by governments in response to inflation) on worldwide credit markets and on economic activity, including on the volume of mergers and acquisitions, and their effects on the volume of debt and other securities issued in domestic and/or global capital markets; the uncertain effectiveness and possible collateral consequences of U.S. and foreign government initiatives and monetary policy to respond to the current economic climate, including instability of financial institutions, credit quality concerns, and other potential impacts of volatility in financial and credit markets; the global impacts of the Russia - Ukraine military conflict and the military conflict in Israel and the surrounding areas on volatility in world financial markets, on general economic conditions and GDP in the U.S. and worldwide, on global relations and on the Company's own operations and personnel; other matters that could affect the volume of debt and other securities issued in domestic and/or global capital markets, including regulation, increased utilization of technologies that have the potential to intensify competition and accelerate disruption and disintermediation in the financial services industry, as well as the number of issuances of securities without ratings or securities which are rated or evaluated by non-traditional parties; the level of merger and acquisition activity in the U.S. and abroad; the uncertain effectiveness and possible collateral consequences of U.S. and foreign government actions affecting credit markets, international trade and economic policy, including those related to tariffs, tax agreements and trade barriers; the impact of MIS’s withdrawal of its credit ratings on countries or entities within countries and of Moody’s no longer conducting commercial operations in countries where political instability warrants such actions; concerns in the marketplace affecting our credibility or otherwise affecting market perceptions of the integrity or utility of independent credit agency ratings; the introduction or development of competing and/or emerging technologies and products; pricing pressure from competitors and/or customers; the level of success of new product development and global expansion; the impact of regulation as an NRSRO, the potential for new U.S., state and local legislation and regulations; the potential for increased competition and regulation in the jurisdictions in which we operate, including the EU; exposure to litigation related to our rating opinions, as well as any other litigation, government and regulatory proceedings, investigations and inquiries to which Moody’s may be subject from time to time; provisions in U.S. legislation modifying the pleading standards and EU regulations modifying the liability standards applicable to credit rating agencies in a manner adverse to credit rating agencies; provisions of EU regulations imposing additional procedural and substantive requirements on the pricing of services and the expansion of supervisory remit to include non-EU ratings used for regulatory purposes; uncertainty regarding the future relationship between the U.S. and China; the possible loss of key employees and the impact of the global labor environment; failures or malfunctions of our operations and infrastructure; any vulnerabilities to cyber threats or other cybersecurity concerns; the timing and effectiveness of our restructuring programs, such as the 2022 - 2023 Geolocation Restructuring Program; currency and foreign exchange volatility; the outcome of any review by tax authorities of Moody’s global tax planning initiatives; exposure to potential criminal sanctions or civil remedies if Moody’s fails to comply with foreign and U.S. laws and regulations that are applicable in the jurisdictions in which Moody’s operates, including data protection and privacy laws, sanctions laws, anti-corruption laws, and local laws prohibiting corrupt payments to government officials; the impact of mergers, acquisitions, such as our acquisition of RMS, or other business combinations and the ability of Moody’s to successfully integrate acquired businesses; the level of future cash flows; the levels of capital investments; and a decline in the demand for credit risk management tools by financial institutions. These factors, risks and uncertainties as well as other risks and uncertainties that could cause Moody’s actual results to differ materially from those contemplated, expressed, projected, anticipated or implied in the forward-looking statements are described in greater detail under “Risk Factors” in Part I, Item 1A of Moody’s annual report on Form 10-K for the year ended December 31, 2023, and in other filings made by the Company from time to time with the SEC or in materials incorporated herein or therein. Stockholders and investors are cautioned that the occurrence of any of these factors, risks and uncertainties may cause the Company’s actual results to differ materially from those contemplated, expressed, projected, anticipated or implied in the forward-looking statements, which could have a material and adverse effect on the Company’s business, results of operations and financial condition. New factors may emerge from time to time, and it is not possible for the Company to predict new factors, nor can the Company assess the potential effect of any new factors on it. Forward-looking and other statements in this document may also address our corporate responsibility progress, plans, and goals (including sustainability and environmental matters), and the inclusion of such statements is not an indication that these contents are necessarily material to investors or required to be disclosed in the Company’s filings with the Securities and Exchange Commission. In addition, historical, current, and forward-looking sustainability-related statements may be based on standards for measuring progress that are still developing, internal controls and processes that continue to evolve, and assumptions that are subject to change in the future.
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements relate to future events or to future financial performance and involve known and unknown risks, uncertainties and other factors that may cause MSCI's actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by these statements. In some cases, you can identify forward-looking statements by the use of words such as “may,” “could,” “expect,” “intend,” “plan,” “seek,” “anticipate,” “believe,” “estimate,” “predict,” “potential” or “continue,” or the negative of these terms or other comparable terminology. You should not place undue reliance on forward-looking statements because they involve known and unknown risks, uncertainties and other factors that are, in some cases, beyond MSCI’s control and that could materially affect actual results, levels of activity, performance or achievements.
Other factors that could materially affect MSCI's actual results, levels of activity, performance or achievements can be found in MSCI’s Annual Report on Form 10-K for the fiscal year ended December 31, 2023 filed with the Securities and Exchange Commission (“SEC”) on February 9, 2024 and in quarterly reports on Form 10-Q and current reports on Form 8-K filed or furnished with the SEC. If any of these risks or uncertainties materialize, or if MSCI’s underlying assumptions prove to be incorrect, actual results may vary significantly from what MSCI projected. Any forward-looking statement in this press release reflects MSCI’s current views with respect to future events and is subject to these and other risks, uncertainties and assumptions relating to MSCI’s operations, results of operations, growth strategy and liquidity. MSCI assumes no obligation to publicly update or revise these forward-looking statements for any reason, whether as a result of new information, future events, or otherwise, except as required by law.
Contacts
For Moody’s Investor Relations:
Shivani Kak
Moody’s Corporation
+1 212-553-0298
Shivani.Kak@moodys.com
For Moody’s Communications:
Michael Adler
Moody’s Corporation
+1 347-225-7472
Michael.Adler@moodys.com
For MSCI Investor Relations:
Jeremy Ulan
MSCI
+1 646 778 4184
jeremy.ulan@msci.com
Jisoo Suh
MSCI
+1 212 804 1598
jisoo.suh@msci.com
For MSCI Communications:
pr@msci.com
Julie Mansmann
MSCI
+1 917 815 6375
Calum MacDougall
MSCI
+44 (0) 7876 836 759
Source: Moody’s Corporation Investor Relations
BlackRock to Acquire Preqin, Leading Private Markets Data Solutions Provider
Transforms BlackRock’s private markets capabilities by delivering integrated investments, technology, and data for the whole portfolio
Strategic expansion of Aladdin tech business into fast-growing private markets data segment, unlocking additional $8 billion total addressable market
Preqin grows BlackRock’s client base across GPs, LPs and service providers, bringing 4,000+ relationships and ~$240 million of highly recurring 2024E revenue
(BUSINESS WIRE) -- BlackRock, Inc. (NYSE: BLK) has agreed to acquire Preqin, a leading independent provider of private markets data for £2.55 billion or approximately $3.2 billion in cash. Bringing together Preqin’s data and research tools with Aladdin’s complementary workflow capabilities in a unified platform will create a preeminent private markets technology and data provider. The acquisition adds a highly complementary data business to BlackRock’s investment technology, marking a strategic expansion into the fast-growing private markets data segment.
Private markets are the fastest growing segment of asset management, with alternative assets expected to reach nearly $40 trillion by the end of the decade. As institutional and wealth investors increase allocations to alternatives, BlackRock has built a leading private markets franchise to meet this client demand. There is an even greater need for standardized data, benchmarks, and analytics that enable investors to better incorporate private asset classes into portfolios and provide fund managers with better data and tools to deliver outcomes for clients. Private markets data is estimated to be an $8 billion total addressable market and growing 12% per year, reaching $18 billion by 2030.
Preqin empowers investors to make better decisions by providing data and insights that increase transparency and access across the global alternatives market. With a 20-year history, Preqin is a leading independent data solutions provider in private markets with global coverage of 190,000 funds, 60,000 fund managers and 30,000 private markets investors, reaching more than 200,000 users, including asset managers, insurers, pensions, wealth managers, banks, and other service providers. In 2024, Preqin is expected to generate ~$240 million of highly recurring revenue and has grown approximately 20% per year in the last three years.
Through the Aladdin platform, BlackRock provides technology solutions to over 1,000 clients. The combination of Preqin with eFront, Aladdin’s private markets solution, brings together the data, research, and investment process for fund managers and investors across fundraising, deal sourcing, portfolio management, accounting, and performance. Preqin will also continue to be offered as a standalone solution.
“BlackRock’s vision has always been to bring together investments, technology, and data to offer solutions that meet our clients’ needs across their whole portfolio. As clients increasingly evolve their focus from choosing products to constructing portfolios, this shift requires technology, data, and analytics that create a ‘common language’ for investing across both public and private markets. We see data powering the industry across technology, capital formation, investing, and risk management,” said Rob Goldstein, BlackRock Chief Operating Officer. “Every acquisition has been an opportunity to strengthen our capabilities for clients—and in fact, we have been a client of Preqin for many years, and we look forward to welcoming the talented Preqin team to BlackRock.”
“Together with Preqin, we can make private markets investing easier and more accessible while building a better-connected platform for investors and fund managers. This presents a substantial opportunity for Aladdin to bridge the transparency gap between public and private markets through data and analytics,” said Sudhir Nair, Global Head of Aladdin.
“BlackRock is known for excellence in both investment management and financial technology, and together we can accelerate our efforts to deliver better private markets data and analytics to all of our clients at scale.” said Mark O’Hare, Founder of Preqin. “I look forward to joining BlackRock and continuing to play a role in the continued growth and success of Preqin and our customers.” Preqin founder Mark O’Hare will join BlackRock as a Vice Chair after the close of the transaction.
“Private markets continue to evolve and so is Preqin. I am incredibly excited about the opportunities this next phase of growth, together with BlackRock, promises our customers and our employees,” said Christoph Knaack, CEO of Preqin.
Terms of the Transaction
Under the terms of the transaction, BlackRock will acquire 100% of the business and assets of Preqin for total consideration of £2.55 billion or approximately $3.2 billion in cash.
The transaction is expected to close before year-end 2024, subject to regulatory approvals and other customary closing conditions.
Barclays served as lead financial advisor to BlackRock, with Skadden, Arps, Slate, Meagher & Flom acting as legal counsel. Goldman Sachs International served as the sole financial advisor, and Macfarlanes acted as legal counsel, to Preqin.
Teleconference and Webcast Details
BlackRock will hold an investor call on July 1, 2024 at 8:30 a.m. ET to discuss the transaction.
Members of the public who are interested in participating in the teleconference should dial, from the United States, (313) 209-4906, or from outside the United States, (877) 502-9276, shortly before 8:30 a.m. ET and reference the BlackRock Conference Call (ID Number 8700330). A live, listen-only webcast will also be available via the investor relations section of www.blackrock.com.
The webcast will be available for replay by 11:30 a.m. ET on Monday, July 1, 2024. To access the replay of the webcast, please visit the investor relations section of www.blackrock.com.
An investor presentation with additional details about the transaction is also available on the “Events & Presentations” section of the investor relations website: https://ir.blackrock.com/news-and-events/events-and-presentations/
About BlackRock
BlackRock’s purpose is to help more and more people experience financial well-being. As a fiduciary to investors and a leading provider of financial technology, we help millions of people build savings that serve them throughout their lives by making investing easier and more affordable. For additional information on BlackRock, please visit www.blackrock.com/corporate
About Preqin
Preqin, the Home of Alternatives™, empowers financial professionals who invest in or allocate to alternatives with essential data and insight to make confident decisions. It supports them throughout the entire investment lifecycle with critical information and leading analytics solutions. The company has pioneered rigorous methods of collecting private data for over 20 years, enabling more than 200,000 professionals globally to streamline how they raise capital, source deals and investments, understand performance, and stay informed. For more information visit www.preqin.com.
Preqin is owned by its management and employees together with Valhalla Ventures, Founder Mark O'Hare's family holding company.
Forward Looking Statements
This presentation, and other statements that BlackRock may make, may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act, with respect to BlackRock’s future financial or business performance, strategies or expectations, including the anticipated timing, consummation and expected benefits of the proposed Preqin transaction and Preqin’s projected financial performance. Forward looking statements are typically identified by words or phrases such as “trend,” “potential,” “opportunity,” “pipeline,” “believe,” “comfortable,” “expect,” “anticipate,” “current,” “intention,” “estimate,” “position,” “assume,” “outlook,” “continue,” “remain,” “maintain,” “sustain,” “seek,” “achieve,” and similar expressions, or future or conditional verbs such as “will,” “would,” “should,” “could,” “may” and similar expressions.
BlackRock cautions that forward-looking statements are subject to numerous assumptions, risks and uncertainties, which change over time and may contain information that is not purely historical in nature. Such information may include, among other things, projections and forecasts. There is no guarantee that any forecasts made will come to pass. Forward-looking statements speak only as of the date they are made, and BlackRock assumes no duty to and does not undertake to update forward-looking statements. Actual results could differ materially from those anticipated in forward-looking statements and future results could differ materially from historical performance.
BlackRock has previously disclosed risk factors in its Securities and Exchange Commission reports. These risk factors and those identified elsewhere in this presentation, among others, could cause actual results to differ materially from forward-looking statements or historical performance and include: (1) the introduction, withdrawal, success and timing of business initiatives and strategies; (2) changes and volatility in political, economic or industry conditions, the interest rate environment, foreign exchange rates or financial and capital markets, which could result in changes in demand for products or services or in the value of AUM; (3) the relative and absolute investment performance of BlackRock’s investment products; (4) BlackRock’s ability to develop new products and services that address client preferences; (5) the impact of increased competition; (6) the impact of future acquisitions or divestitures, including the acquisitions of Preqin (the “Preqin Transaction”) and Global Infrastructure Partners (the “GIP Transaction” and together with the Preqin Transaction, the “Transactions”); (7) BlackRock’s ability to integrate acquired businesses successfully, including the Transactions; (8) risks related to the Transactions, including the expected closing date of the Transactions, the possibility that the Transactions do not close, including, but not limited to, due to the failure to satisfy the closing conditions, the possibility that expected synergies and value creation from the Preqin Transaction will not be realized, or will not be realized within the expected time period, and impacts to business and operational relationships related to disruptions from the Transactions; (9) the unfavorable resolution of legal proceedings; (10) the extent and timing of any share repurchases; (11) the impact, extent and timing of technological changes and the adequacy of intellectual property, data, information and cybersecurity protection; (12) the failure to effectively manage the development and use of AI; (13) attempts to circumvent BlackRock’s operational control environment or the potential for human error in connection with BlackRock’s operational systems; (14) the impact of legislative and regulatory actions and reforms, regulatory, supervisory or enforcement actions of government agencies and governmental scrutiny relating to BlackRock; (15) changes in law and policy and uncertainty pending any such changes; (16) any failure to effectively manage conflicts of interest; (17) damage to BlackRock’s reputation; (18) increasing focus from stakeholders regarding ESG matters; (19) geopolitical unrest, terrorist activities, civil or international hostilities, and other events outside BlackRock’s control, including wars, natural disasters and health crises, which may adversely affect the general economy, domestic and local financial and capital markets, specific industries or BlackRock; (20) climate-related risks to BlackRock's business, products, operations and clients; (21) the ability to attract, train and retain highly qualified and diverse professionals; (22) fluctuations in the carrying value of BlackRock’s economic investments; (23) the impact of changes to tax legislation, including income, payroll and transaction taxes, and taxation on products, which could affect the value proposition to clients and, generally, the tax position of BlackRock; (24) BlackRock’s success in negotiating distribution arrangements and maintaining distribution channels for its products; (25) the failure by key third-party providers of BlackRock to fulfill their obligations to BlackRock; (26) operational, technological and regulatory risks associated with BlackRock’s major technology partnerships; (27) any disruption to the operations of third parties whose functions are integral to BlackRock’s ETF platform; (28) the impact of BlackRock electing to provide support to its products from time to time and any potential liabilities related to securities lending or other indemnification obligations; and (29) the impact of problems, instability or failure of other financial institutions or the failure or negative performance of products offered by other financial institutions. BlackRock’s Annual Report on Form 10–K, Quarterly Reports on Form 10-Q and BlackRock’s subsequent filings with the SEC, accessible on the SEC’s website at www.sec.gov and on BlackRock’s website at www.blackrock.com, discuss these factors in more detail and identify additional factors that can affect forward–looking statements. The information contained on BlackRock’s website is not a part of this presentation, and therefore, is not incorporated herein by reference.
BlackRock reports its financial results in accordance with accounting principles generally accepted in the United States (“GAAP”); however, management believes BlackRock’s ongoing operating results may be enhanced if investors have additional non–GAAP financial measures. Management reviews non–GAAP financial measures to assess ongoing operations and considers them to be helpful, for both management and investors, in evaluating BlackRock’s financial performance over time. Management also uses non–GAAP financial measures as a benchmark to compare its performance with other companies and to enhance the comparability of this information for the reporting periods presented. Non–GAAP measures may pose limitations because they do not include all of BlackRock’s revenue and expense. BlackRock’s management does not advocate that investors consider such non–GAAP financial measures in isolation from, or as a substitute for, financial information prepared in accordance with GAAP. Non–GAAP measures may not be comparable to other similarly titled measures of other companies.
View source version on businesswire.com: https://www.businesswire.com/news/home/20240630566788/en/
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Contacts
BlackRock Media Relations
Ed Sweeney
646-231-0268
Ed.Sweeney@BlackRock.com
BlackRock Investor Relations
Caroline Rodda
212-810-3442
Caroline.Rodda@BlackRock.com
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