McGraw Hill Financial Inc. agreed to buy SNL Financial, the financial news and data services provider owned by buyout firm New Mountain Capital, for about $2.23 billion to add content on the banking and insurance industries.
The economic impact will be partly offset by tax benefits with an estimated present value of about $550 million, McGraw Hill said in a statement Monday.
The deal underscores the interest in established financial services-related media. Japan’s Nikkei Inc. agreed last week to buy the FT Group from Pearson Plc for $1.3 billion, and Pearson sold Mergermarket to BC Partners, a London-based private equity firm, for 382 million pounds ($592 million) in 2013.
SNL provides data and analysis on the banking, insurance, energy and real estate industries. New York-based New Mountain took a majority stake in the company in 2011 in a deal that valued SNL at $450 million. Bloomberg LP, the parent of Bloomberg News, competes with SNL in selling financial news and information.
McGraw Hill, based in New York, sold its education business three years ago for $2.5 billion to Apollo Global Management to focus on financial services. Its subsidiaries include Standard & Poor’s Ratings Services and the S&P Dow Jones Indices.
McGraw Hill’s shares fell 0.9 percent Friday to close at $105.58 in New York, giving it a market value of about $28.9 billion.