Private equity giant KKR & Co will buy S&P Global's engineering solutions business for $975 million, the financial services provider said on Tuesday.
The move comes months after S&P Global said it would sell the unit, which serves more than 6,000 customers in the aerospace, defense, energy and architecture industries, among others.
"The divestiture of Engineering Solutions to KKR allows us to further focus on driving growth in our core businesses," S&P Global Chief Executive Officer Douglas Peterson said. Private equity firms, with billions of dollars of cash and a mandate to invest, have offered some respite in an environment that is still tough for dealmaking.
Shares of S&P Global were up marginally in afternoon trade. Last year, they plunged 29% as fears of a recession loomed and economic conditions worsened. S&P Global expects proceeds of $750 million after tax, which the company said will be used to fund share buybacks.Reporting by Niket Nishant in Bengaluru; Editing by Krishna Chandra Eluri
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Eco group slams Davos summit as global elites arrive in private jets to talk climate policyA major international climate group opposed to fossil fuels released a study showing the World Economic Forum's annual event triggers an uptick in private jet flights to the region.
Read more »
Private equity persuades Italian luxury suppliers that bigger is betterItalian businesses discovered the limits of their 'small is beautiful' motto when competition became global. Nudged by private equity funds, those supplying the booming luxury goods industry are now finding strength in unity.
Read more »
With garbage rising, Dallas council member taps private trash service for needy residentsAs trash and complaints continue to pile up following the botched rollout of a new city pickup schedule, one Dallas councilmember has decided to take matters...
Read more »
Manchin, Sinema and Coons meet with CEOs at private Davos luncheon for World Economic ForumChris Coons discussed U.S. aid being given to Ukraine following Russia's invasion while Joe Manchin called for American energy independence, an attendee said.
Read more »
Elon Musk, Tesla Poised for Trial Over 2018 Tweets Proposing to Take Car Maker PrivateElon Musk is headed to court in a securities-fraud trial over tweets from 2018 in which he floated the possibility of taking Tesla private, with in-person jury selection poised to begin Tuesday
Read more »
Elon Musk's private jet: Here's how much CO2 it released in 2022Musk, a champion of environment-friendly cars is not shy to hop on a private plane and travel halfway across the globe to watch a game of football.
Read more »