Our Clients

Overview

• Matthews South advised S&P Global on their supplemental $1.5 billion ASR
• The ASR was executed in addition to the $7bn ASR previously disclosed by S&P on March 2, 2022
• Both ASRs are part of the company’s plan to repurchase $12bn of stock in 2022, following the closing of IHS Markit acquisition earlier in February of this year

Pricing, Structuring, & Execution Advice in a Volatile Market

• This was the third ASR on which we advised S&P Global
• Unlike traditional ASRs, the supplemental ASR was executed before completion of the existing $7bn ASR
• We assisted the company on the structuring, pricing and valuation of the ASR in these constrained circumstances, in which the company was required to transact with its existing bank counterparties
• We coordinated pricing and execution with the bank group, and provided documentation and accounting analysis to support equity treatment of the ASR
• With this transaction, Matthews South has advised clients on $70 billion of repurchase transactions to date

Additional Deals for S&P Global:

• March 2022: $7bn Accelerated Share Buyback
• August 2022: $2.5bn Accelerated Share Buyback