This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

McGraw Hill Financial To Sell Aviation Week To Penton

NEW YORK, July 24, 2013 /PRNewswire-FirstCall/ -- McGraw Hill Financial (NYSE: MHFI) today announced it has signed a definitive agreement to sell Aviation Week to Penton, a privately held business information company. Terms of the all-cash transaction, which is expected to close shortly, were not disclosed.

"Today's announcement is another important step in the development of McGraw Hill Financial. This action allows us to apply even greater focus on our high-growth, high-margin benchmark businesses serving large and growing capital and commodity markets around the world," said Harold McGraw III, Chairman, President and CEO of McGraw Hill Financial. "Aviation Week is a premier franchise in the civil and defense aerospace industry. We're pleased the business has found a strategic fit and a good home with Penton, which is a respected business information and marketing company and has complementary assets and capabilities."

The transaction continues the execution of the Company's strategy of exiting non-core assets while investing for growth in markets where it has size and scale.  Earlier this year, the Company sold McGraw-Hill Education as part of its Growth and Value Plan; in 2011, it divested its nine-station Broadcasting Group to The E.W. Scripps Company; and in 2009, the Company sold BusinessWeek to Bloomberg L.P.  

These changes, in combination with recent investments, have created a leading financial intelligence company with the mission of promoting sustainable growth by bringing transparency and insights to the global capital and commodity markets.

In 2012, the Company completed a number of tuck-in acquisitions, including Kingsman, SA; QuantHouse; R2 Financial Technologies; Coalition Development Ltd.; CMA Ltd.; and formed the joint venture S&P Dow Jones Indices.  And on July 24, 2013, the Company initiated a voluntary tender offer for up to 15.7 million shares of CRISIL Limited, a publicly traded credit ratings and research company in India, which, if fully subscribed, would increase the Company's ownership in CRISIL from approximately 53% to 75%. These investments deepen and broaden McGraw Hill Financial's capabilities in high-end analytics, research, benchmarks and price assessments in financial markets around the world.

"The combination of Aviation Week and Penton Aviation creates the largest and most powerful targeted marketing platform for companies and executives in the dynamic and growing global aviation industry," said David Kieselstein, CEO of Penton.

Aviation Week serves over 1.2 million professionals in 185 countries and is the largest information and services provider to the global commercial, defense, maintenance/repair/overhaul (MRO), space and business aviation communities.  It is anchored by its flagship Aviation Week & Space Technology.

The transaction is subject to customary closing conditions.

1 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free


Chart of I:DJI
DOW 17,798.49 -14.90 -0.08%
S&P 500 2,090.11 +1.24 0.06%
NASDAQ 5,127.5250 +11.3820 0.22%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs