BlackRock Inc said that it had entered an agreement to buy British data firm Preqin for 2.55 billion pounds ($3.2 billion), granting the asset manager more space in the alternative investments sector.

BlackRock said in a press release that the asset manager will fold Peqin’s data and research tools into its Aladdin platform, and that the deal was set to bring in $240 million of estimated revenue in 2024.

Media reports earlier in June said that London Stock Exchange Group PLC and S&P Global Inc were among potential bidders for Preqin.

Preqin specializes in data in the alternative investments industry, and also tracks the performance of private equity and hedge funds.