Interactive Data Corporation, a Bedford, Massachusetts-based firm that sells financial market data, analytics, and related services to both corporate and individual investors looking to stay on top of the market, has been sold by British media company Pearson Plc, which founded IDC in 1992.
(Don't confuse this IDC with the other IDC, International Data Corporation, a research and analysis firm owned by PC World/Infoworld publisher IDG.)
The buyers are investment funds managed by Silver Lake and Warburg Pincus, according to a Reuters report from London that cites "a source familiar with the situation." The total value of the deal has been said to be $3.4 billion.
Pearson, which owns the Financial Times, reportedly agreed to sell its 61 percent stake in IDC for $2 billion in cash. Pearson plans to use the cash to acquire and expand. The deal is a windfall for IDC shareholders, who will receive $33.86 per share. That's a 33 percent boost over the stock's last day of trading in January.