IHS Markit’s Ipreo Must Pay Dissolving Joint Venture $70 Million

Ipreo Holdings LLC must pay about $70 million to Synaps Loans LLC—a joint venture it formed with Symbiont.io Inc. to develop an automated loan platform—because Ipreo breached a noncompete when it was bought for $1.9 billion by IHS Markit Ltd., a Delaware judge ruled Friday.

Vice Chancellor J. Travis Laster issued a 127-page post-trial opinion for Delaware’s Chancery Court, finding that Ipreo violated the provision automatically when Markit, which runs industry-leading ClearPar software, acquired it in 2018.

Ipreo’s previous backers, Goldman Sachs Group Inc. and Blackstone Group LP, aren’t involved in the case.

Because ClearPar controls about 99% ...