IHS Markit, Symbiont settle lawsuit for $53 mln over Ipreo buy

IHS Markit logo is seen on a smartphone in front of displayed same logo in this illustration taken, December 1, 2021. REUTERS/Dado Ruvic/Illustration

(Reuters) – Data provider IHS Markit LTD said it paid financial services technology company Symbiont.io Inc $53 million to settle a breach of contract lawsuit over IHS Markit’s acquisition of Ipreo LTS LLC, according to a filing with the U.S. Securities and Exchange Commission.

IHS Markit said in its annual report on Monday that the payment settled claims that the $1.86 billion acquisition in 2018 breached a non-compete agreement between investment banking-focused technology company Ipreo and Symbiont.

The non-compete was part of a joint venture the companies created to serve the syndicated loan industry.

A representative for IHS Markit declined to comment on Wednesday. Symbiont’s lead attorney from Paul, Weiss, Rifkind, Wharton & Garrison also declined to comment.

Vice Chancellor J. Travis Laster of the Delaware Chancery Court ruled in August that Ipreo and IHS Market would have to pay upwards of $142 million in damages for the violation.

Laster later ordered Ipreo and IHS Market to pay nearly $157.9 million in damages to the joint venture, with Symbiont set to receive about $78.9 million, not including fees and interest, after the entity was dissolved.

Ipreo and IHS Market appealed the decision in October, according to court filings. The companies then agreed to settle the lawsuit in December, resulting in its dismissal.

The case is Symbiont.io Inc. v. Ipreo Holdings LLC, Delaware Court of Chancery, No. 2019-0407.

For Symbiont: Andrew Gordon, Jaren Janghorbani and Daniel Mason of Paul, Weiss, Rifkind, Wharton & Garrison

For Ipreo and HIS Markit: Dana Seshens and Daniel Schwartz of Davis Polk & Wardwell

Read more:

Data firm HIS Markit to buy Ipreo in $1.86 billion deal

Ipreo to pay upwards of $142 mln in damages over HIS Markit merger

Our Standards: The Thomson Reuters Trust Principles.