Conyers Advises Markit: $13B Merger With IHS
Conyers Dill & Pearman advised Markit Ltd. on the Bermuda law aspects of its US$13 billion merger with IHS Inc.
Markit Ltd. became the holding company for the combined groups and was renamed IHS Markit Ltd.. The merger was completed on 12 July and creates a global leader in critical information, analytics and solutions for major industries and markets that drive economies worldwide.
The transaction featured a merger under Delaware law with IHS becoming a subsidiary of IHS Markit Ltd. Former IHS shareholders now own approximately 57% and Markit shareholders own approximately 43% of IHS Markit Ltd. The parties chose for the combined group to have a Bermuda holding company, which has resulted in the largest capital markets transaction in Bermuda so far this year.
Niel Jones, lead Director in Conyers’ Bermuda corporate practice on the transaction said: “2016 is proving to be another significant year for Bermuda companies listed on the NYSE and Nasdaq”.
“With the completion of the Markit – IHS merger and the TAL International Group, Inc. – Triton Container International Limited merger and upon the consummation of XL Group plc’s scheme of arrangement to replace its top-level Irish holding company with a Bermuda exempted company, the market capitalization of Bermuda companies listed on the NYSE and Nasdaq exchanges will increase from approximately US$200 billion to approximately US$218 billion and the number of Bermuda companies listed on these exchanges will increase to 66”.
Marcello Ausenda, Director in Conyers’ Bermuda corporate practice added: “This merger confirms Bermuda’s position as a leader for public companies with global operations. We were pleased to have been asked to represent Markit in this significant transaction”.
