S&P Global Market Intelligence, a Division of McGraw Hill Financial, Agrees to Sell Two Assets to Intercontinental Exchange
Announced today, McGraw Hill Financial (NYSE: MHFI) has entered into a definitive agreement to sell Standard & Poor’s Securities Evaluations, Inc. (SPSE) and Credit Market Analysis (CMA), two assets within the S&P Global Market Intelligence division, to Intercontinental Exchange (NYSE:ICE), an operator of global exchanges, clearing houses and data services.
Under the terms of the agreement, ICE can elect to satisfy its payment of the purchase price due at the close of the transaction in either cash or shares of ICE’s common stock. All other terms of the agreement were not disclosed. The transaction is subject to customary closing conditions, including required regulatory approvals.
“After a strategic review of our portfolio, we determined that we do not have critical mass in the area of securities pricing. Therefore, this choice is the right decision for MHFI and S&P Global Market Intelligence,” commented Mike Chinn, President of S&P Global Market Intelligence. “ICE is positioned to expand coverage in derivatives and offer a multi-asset class, comprehensive source for pricing and reference data, so clients of SPSE and CMA will benefit as well. Once the transaction closes, we will work together with ICE to ensure a seamless transition.”
"With rising demand for independent data in the global fixed income and credit markets, this transaction will support the need for innovation and increased risk management and valuation services,” said ICE Chairman and CEO Jeffrey C. Sprecher. "We look forward to serving customers in these markets as they become more transparent and as pricing becomes more accessible.”
Standard & Poor’s Securities Evaluations, Inc. (SPSE) is a leading provider of fixed income evaluated pricing, previously under McGraw Hill Financial’s S&P Global Market Intelligence division.
Credit Market Analysis (CMA) is a leading provider of independent data for over-the-counter (OTC) markets, previously under McGraw Hill Financial’s S&P Global Market Intelligence division.
Statements in this news release that are not historical facts are forward-looking statements. These statements are not guarantees of future performance and involve risks, uncertainties and assumptions that are difficult to predict. Therefore, actual outcomes and results may differ materially from what is expressed or implied in any forward-looking statements. In particular, the sale transaction described is subject to certain risks and uncertainties, including the ability to obtain all required regulatory approvals, as well as risks relating to any unforeseen liabilities, losses, and declines in economic performance. More detailed information about factors that may affect our performance may be found in our filings with the Securities and Exchange Commission, including our most recent Annual Report on Form 10-K, which can be obtained at its website athttp://www.sec.gov. We undertake no obligation to publicly update any forward-looking statements, whether as a result of new information, future events or otherwise.
About S&P Global Market Intelligence
S&P Global Market Intelligence, formerly S&P Capital IQ and SNL Financial, is a division of McGraw Hill Financial (NYSE:MHFI). The firm is a leading provider of financial and industry data, research, news and analytics to investment professionals, government agencies, corporations, and universities worldwide. S&P Global Market Intelligence integrates news, comprehensive market and sector-specific data and analytics into a variety of tools to help track performance, generate alpha, identify investment ideas, understand competitive and industry dynamics, perform valuation and assess credit risk. For more information, visit www.spglobal.com/marketintelligence.
About McGraw Hill Financial
McGraw Hill Financial (NYSE: MHFI) is a leading financial intelligence company providing the global capital and commodity markets with independent benchmarks, credit ratings, portfolio and enterprise risk solutions, and analytics. The Company's iconic brands include Standard & Poor's Ratings Services, S&P Capital IQ and SNL, S&P Dow Jones Indices, Platts, CRISIL, and J.D. Power. The Company has approximately 20,000 employees in 31 countries. Additional information is available at www.mhfi.com.
About Intercontinental Exchange
Intercontinental Exchange (NYSE:ICE) operates the leading network of global futures and equity exchanges and provides world class clearing, data and listing services across many markets. The New York Stock Exchange is the world leader in capital raising and equities trading.
Trademarks of ICE and/or its affiliates include Intercontinental Exchange, ICE, ICE block design, NYSE and New York Stock Exchange, Interactive Data and Trayport. Information regarding additional trademarks and intellectual property rights of Intercontinental Exchange, Inc. and/or its affiliates is located at www.intercontinentalexchange.com/terms-of-use.
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995 -- Statements in this press release regarding ICE's business that are not historical facts are "forward-looking statements" that involve risks and uncertainties. For a discussion of additional risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see ICE's Securities and Exchange Commission (SEC) filings, including, but not limited to, the risk factors in ICE's Annual Report on Form 10-K for the year ended December 31, 2015, as filed with the SEC on February 4, 2016.
Copyright © 2016 S&P Global Market Intelligence. All rights reserved. The information contained in this Press Release and any referenced reports are for information purposes only. S&P Global Market Intelligence Parties assume no obligation to update the information contained herein or in any referenced reports (“Content”) following publication in any form or format. The Content is provided on an “as is” basis.
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