SPGI · Earnings call · 2026Q3T · Full report

Strategic Business Separation

S&P Global Inc. · 2026-10-27 · Importance 59 · Surprise 60

S&P Global initiated a strategic review of alternatives, including potential separation, for Market Intelligence’s financial data and associated data businesses, including Kensho data and platforms. Management identified Financials, F&L, and Visible Alpha as businesses under review, while Enterprise Solutions, Ratings Direct, and Ratings Express were not in the proposed perimeter. The businesses being considered serve more than 15,000 clients and 355,000 users; management said the perimeter remains under review and that a meaningful update may come on the February earnings call. The CFO said the company had signed NDAs with a number of potential firms and engaged advisers, but no outcome or transaction timetable was certain.

Key facts

• S&P Global initiated a strategic review of alternatives for the Market Intelligence business and associated data businesses, including potential separation.
• S&P Global expected its earliest meaningful update on the strategic review to be at its February earnings call.
• If S&P Global executes a transaction following the review, the company would focus on areas where it is a clear leader in debt, equity, and commodity markets.
• S&P Global said it would seek to keep its interests closely aligned with the reviewed business in any transaction because of commercial and data relationships.
• The S&P Global businesses considered for separation include financial data and the Kensho data and platforms businesses within Market Intelligence.
• S&P Global expected to retain Ratings Direct, Ratings Express, and Enterprise Solutions under the strategic review.
• S&P Global said the strategic-review perimeter includes Financials, F&L, and Visible Alpha data businesses, while Enterprise Solutions, Ratings Direct, and Ratings Express were not in the perimeter.
• S&P Global received significant interest from potential firms regarding the reviewed businesses and signed NDAs with a number of them.