S&P Global sells Engineering Solutions to KKR for $975M; proceeds for buybacks

S&P Global Inc.

S&P Global (SPGI) subsidiary IHS Markit sells Engineering Solutions to KKR for $975M cash, subject to customary adjustments.
After-tax proceeds estimated at ~$750M, expected to fund share repurchases.
Transaction expected to close by end of Q2 2023, subject to regulatory approvals and other conditions.
Engineering Solutions serves over 6,000 customers and 650,000 users globally.
Divestiture follows November 2022 intent; business acquired via IHS Markit merger.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

S&P Global Inc. entered into Securities and Asset Purchase Agreement with Allium Buyer LLC, a Delaware limited liability company controlled by funds affiliated with Kohlberg Kravis Roberts & Co. L.P. valued at $975,000,000 in cash (effective 2023-01-14).

Action: entry
Agreement: asset purchase
Counterparty: Allium Buyer LLC, a Delaware limited liability company controlled by funds affiliated with Kohlberg Kravis Roberts & Co. L.P.
Value: $975,000,000 in cash
Effective: 2023-01-14

Exact text from the filing

On January 14, 2023, IHS Markit Ltd., a Bermuda exempted company limited by shares (“Seller”) and an indirect wholly-owned subsidiary of S&P Global Inc. (“SPGI”), entered into a Securities and Asset Purchase Agreement (the “Agreement”) with Allium Buyer LLC, a Delaware limited liability company (“Purchaser”) controlled by funds affiliated with Kohlberg Kravis Roberts & Co. L.P. (“KKR”), pursuant to which Seller has agreed to sell its global engineering solutions business (the “Business”) to Purchaser for $975,000,000 in cash

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Source: SEC EDGAR

accession 0001193125-23-009427

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