London Stock Exchange Group (LSEG) has confirmed it is in discussions to purchase the credit data specialist Octus for $3.5 billion.

Under the terms of the deal, LSEG will purchase a controlling stake in Octus from the private equity firm Permira.

New York-based Octus, founded in 2013 under the name Reorg, offers real-time reporting and analytics based on both public and proprietary data. It specialises in the sub-investment grade credit market, along with corporate credit and bankruptcies.

The firm’s proposition includes software tools such as AI to scour loan documents, alongside what Octus calls its “trifecta” of 250 financial analysts, legal professionals and financial journalists.

It has over 44,000 customers and claims to have the world’s largest library of “leveraged finance intelligence and data”.

Permira acquired Warburg Pincus’ controlling stake in Octus in 2022, for $1.3 billion, making LSEG’s offer a significant premium. LSEG said that part of Octus’ appeal is its coverage of the full credit lifecycle and high growth potential.

In a statement, LSEG said: “Octus has a strong track record of double-digit revenue growth based on a high-retention subscription model.

“Octus’ coverage and solutions are highly complementary to LSEG’s existing fixed income data & analytics and private markets solutions.”

In the past year, LSEG has signed several high-profile access agreements for its Data & Analytics offerings. In June 2025, it granted Morgan Stanley exclusive global distribution to its Aftermarket Research and in February provided Bank of America with access to analytics covering areas including trading, risk oversight and regulatory processes.

LSEG said that no final agreement has been reached.

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