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SEARCHMcGraw HIll Financial has agreed to sell J.D. Power to investment group XIO Group for $1.1 billion in a transaction expected to close in the third quarter.
McGraw HIll Financial has agreed to sell J.D. Power to investment group XIO Group for $1.1 billion in a transaction expected to close in the third quarter.
McGraw Hill Financial had been exploring "strategic alternatives" for the global marketing information services company since October. J.D. Power produces several closely-watched automotive reports, including the Vehicle Dependability Survey and Initial Quality Study. In May, J.D. Power acquired NADA’s Used Car Guide business.
"The transaction represents good value for our shareholders and positions J.D. Power for continued success," said Douglas L. Peterson, McGraw Hill Financial's president and CEO. "Our portfolio will now be even more focused on financial intelligence businesses with a common set of attributes. The businesses are scalable, they are global and they all have market-leading positions."
Headquartered in London, XIO Group is a global alternative investments firm with operations in the United Kingdom, Germany, Switzerland, Israel, Hong Kong and mainland China. XIO Group's strategy is to identify and invest in market-leading businesses located across North America and Europe and help these companies to capitalize on untapped opportunities in fast growing markets, particularly in Asia.
"We have enormous respect for J.D. Power and its experienced and successful management team," said Joseph Pacini, the XIO Group's CEO. "We are delighted to be the partner of choice and to further help grow J.D. Power given our world-class international team, significant capital resources and unique access to untapped opportunities in fast growing regions."
On April 27, McGraw Hill Financial will be renamed S&P Global.
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