(RTTNews) – S&P Global (SPGI) Tuesday said it agreed to sell its Engineering Solutions business to investment funds managed by KKR for $975 million in cash.
S&P Global currently anticipates the divestiture to result in after-tax proceeds of around $750 million, which proceeds are expected to be used to fund share repurchases.
“Today’s announcement marks the next exciting step towards executing our strategy of powering global markets,” said Douglas L. Peterson, President and Chief Executive Officer of S&P Global. “The divestiture of Engineering Solutions to KKR allows us to further focus on driving growth in our core businesses. Engineering Solutions is a strong business, and we believe it will continue to thrive under KKR’s direction.”
KKR is making the investment through its North America Fund XIII.
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