NEW YORK, Sept. 22, 2014 /PRNewswire/ -- McGraw Hill Financial (NYSE: MHFI) today announced it has agreed to sell McGraw Hill Construction to Symphony Technology Group, a strategic private equity firm based in Palo Alto, California, for $320 million in cash. The transaction, which is expected to close during the fourth quarter of 2014, is subject to regulatory approval and customary closing conditions.
"The sale generates good value for our shareholders and brings more focus to deliver global growth and performance across our rapidly expanding benchmarks, data and analytics businesses," said Douglas L. Peterson, President and Chief Executive Officer of McGraw Hill Financial. "This transaction completes our portfolio rationalization to create McGraw Hill Financial."
Mr. Peterson added, "We are pleased to have found a buyer in Symphony with a strong track record of acquiring high-performance companies that will enable McGraw Hill Construction to continue pursuing growth opportunities and its proud tradition of serving the construction market."
"We are very excited for this opportunity to acquire the recognized leader in pre-bid and bid-stage construction data and analytics. We look forward to helping the business achieve the next level of success by continuing to deliver mission critical data and industry news while enhancing analytics and tools to better serve construction professionals," said William Chisholm, Managing Director of Symphony Technology Group.
In March 2014, McGraw Hill Financial announced it was exploring strategic alternatives for McGraw Hill Construction, a leading provider of essential data, news and insights to better inform construction professionals' decisions in the United States.
Evercore Partners acted as a financial advisor to McGraw Hill Financial in this transaction.
About McGraw Hill Financial:
McGraw Hill Financial is a leading financial intelligence company providing the global capital and commodity markets with independent benchmarks, credit ratings, portfolio and enterprise risk solutions, and analytics. The Company's iconic brands include Standard & Poor's Ratings Services, S&P Capital IQ, S&P Dow Jones Indices, Platts, CRISIL, J.D. Power and McGraw Hill Construction. The Company has approximately 18,000 employees in 30 countries. Additional information is available at www.mhfi.com.
Investor Relations: http://investor.mhfi.com
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SOURCE McGraw Hill Financial