Thu. Jul 18th, 2024

The British billionaire will make more than 1,500 of his employees rich: the amount is impressive

Natasha Kumar By Natasha Kumar Jul7,2024

>> companies can get fabulously rich/freepic.diller

When founders realize their dream of a multibillion-dollar acquisition, they usually ride off into the sunset and leave their employees to adjust to the new regime. But Mark O'Hara, founder of Preqin, is taking his employees along for the ride.

O'Hara and his wife, Lindy, will become billionaires afterselling their financial data company BlackRock for 2.55 billion pounds ($3.2 billion). Fortune writes about this.

65-year-old O'Hara founded Preqin in 2002, to collect and sell data on the performance of private investments.

Preqin – one of several privately held data analytics companies that have received high ratings in recent years. The company's path to acquisition was through competitors such as PitchBook, which Morningstar acquired for $225 million.

Preqin has reportedly been the subject of bids by the likes of Bloomberg and S&P.

The acquisition of Preqin is O'Hara's second major sale after in 1998 he received a more modest £2.5 million from Reuters for his financial information platform Citywatch.

BlackRock is known for its excellence in both investment management and financial technology, and together we will be able to accelerate our efforts to provide better private markets data and analytics to all of our clients,
– O'Hara said in a statement.

“I look forward to joining BlackRock and continuing to play a role in the continued growth and success of Preqin and our clients.”

80% Mark and Linda's stake in Preqin will take them to 2.04 billion pounds ($2.6 billion), making them one of Britain's 100 richest people after the sale is completed.

This will make them richer than Alan Sugar and Harry Potter author JK Rowling, not to mention Larry Fink, the co-founder of the asset management company that is buying them.

The remaining £510 million will be < strong>split between Preqin management and about 1,500 employees, making several of them new millionaires. If he divided this amount among only 1,500 employees, then each of them would receive 340,000 in the event that the funds were distributed equally.

Mark O'Hara – is a part-time private pilot and survivor of a 1999 Piper Seneca seven-seat plane crash.

Lindy, a former interior designer, renovated the Torrington Theater in 2019, 350- a local open space in the woods near their home in Suffolk. In 2019, the couple took out a £2.3m loan to renovate their home, the Financial Times reports, which now looks like out-of-pocket expenses.

In an interview with The Stage magazine last year, Lindy said , that they hope one day to host not only a local musical superstar, but also the Royal Shakespeare Company performing A Midsummer Night's Dream.

One ​​day Ed Sheeran will come . He lives in Framlingham, so it's not far from him. It's a dream,
– she said.

Ohara's act is touching. And he also reminds that it is extremely important to appreciate your employees, because without them there would be no success.

Natasha Kumar

By Natasha Kumar

Natasha Kumar has been a reporter on the news desk since 2018. Before that she wrote about young adolescence and family dynamics for Styles and was the legal affairs correspondent for the Metro desk. Before joining The Times Hub, Natasha Kumar worked as a staff writer at the Village Voice and a freelancer for Newsday, The Wall Street Journal, GQ and Mirabella. To get in touch, contact me through my natasha@thetimeshub.in 1-800-268-7116

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