S&P Global Announces Agreement to Sell Engineering Solutions Business to KKR

NEW YORK, January 17, 2023 /PRNewswire/ — S&P Global (NYSE: SPGI ) today announced that it has entered into an agreement to sell its engineering solutions business to investment funds managed by KKR, a leading global investment firm and long-time customer of S&P Global, for $975 million in cash, plus customary purchase price corrections.

S&P Global currently anticipates that the sale will result in after-tax proceeds of approximately $750 million, which proceeds are expected to be used to fund share repurchases. The agreement follows S&P Global’s announced intention in November 2022 to divest the business.

“Today’s announcement marks the next exciting step towards executing our strategy of empowering global markets,” he said Douglas L. Peterson, chairman and chief executive officer of S&P Global. “Leaving Engineering Solutions to KKR allows us to further focus on driving growth in our core businesses. Engineering Solutions is a strong business and we believe it will continue to thrive under KKR’s leadership.”

Engineering Solutions provides data, technology and insights that enable more than 6,000 global customers and 650,000 users to optimize workflows and end-user experiences. Its products enable engineers, builders and architects in many industries to access the data and insights they need to deliver complex projects and new products.

“We see significant opportunities for Engineering Solutions to accelerate growth, expand its footprint and continue to innovate as an independent company,” he said Webster Chua, partner in KKR. “Engineering Solutions is trusted by engineers and standards organizations around the world, and we look forward to deepening those relationships with long-term investments in improved product coverage, improved workflow solutions and expanded distribution capabilities.”

KKR invests through its North America Fund XIII.

Engineering Solutions became part of S&P Global following the company’s merger with IHS Markit early last year. The transaction, subject to receipt of necessary regulatory approvals and satisfaction of other customary closing conditions, is expected to close by the end of the second quarter of 2023.

About S&P Global
S&P Global (NYSE: SPGI ) provides essential intelligence. We provide governments, companies and individuals with the right data, expertise and connected technology to make decisions with confidence. From helping our clients evaluate new investments to guiding ESG and energy transition across supply chains, we unlock new opportunities, solve challenges and accelerate the world’s progress.

We are highly sought after by many of the world’s leading organizations to provide credit ratings, benchmarks, analytics and workflow solutions in the global equity, commodity and automotive markets. With each of our offers, we help the world’s leading organizations plan for tomorrow, today.

About KKR
KKR is a leading global investment firm offering alternative asset management, as well as capital markets and insurance solutions. KKR aims to achieve attractive investment returns by following a patient and disciplined approach to investing, employing world-class people and supporting the growth of its portfolio companies and communities. KKR sponsors investment funds that invest in private equity, loans and real assets and has strategic partners that manage hedge funds. KKR’s insurance subsidiaries offer pension, life and reinsurance products under the management of Global Atlantic Financial Group. References to KKR’s investments may include the activities of its sponsored funds and insurance subsidiaries. For additional information about KKR & Co. Inch. (NYSE: KKR), visit KKR’s website at www.kkr.com and on Twitter @KKR_Co.

Goldman Sachs & Co. LLC is serving as financial advisor to S&P Global and Skadden, Arps, Slate, Meagher & Flom LLP is serving as legal advisor. RBC Capital Markets is acting as financial advisor to KKR and Simpson Thacher & Bartlett LLP is acting as legal advisor.

Relations with investors:

Mark Grant
Phone: +1 347 640 1521
[email protected]


For S&P Global:
Ola Fadahunsi
Phone: +1 212 438 2296
[email protected]

For KKR:
Miles Radcliffe-Trenner
[email protected]

Forward-looking statements:
This communication contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934 ., with amendments. These forward-looking statements, which are based on current expectations, estimates and projections about future business and operating results, the industry and the markets in which S&P Global Inc. (“Company”) operates and the beliefs and assumptions of the Company’s management include uncertainties that could significantly affect the Company’s financial or business results. Words such as “expects”, “anticipates”, “intends”, “plans”, “believes”, “seeks”, “will”, “should”, “could”, “projects”, “could”, “would” “target”, “estimates” or variations of such words and other similar expressions are intended to identify such forward-looking statements, which are generally not historical in nature, but do not include all forward-looking statements of such identifying words. These statements are not guarantees of future performance and are subject to risks, uncertainties and assumptions that could cause actual results to differ materially from those expressed in such forward-looking statements. We cannot guarantee that our expectations will be met and therefore actual outcomes and results may differ materially from those expressed or anticipated in such forward-looking statements. For example, these forward-looking statements may be affected by factors including, without limitation, risks associated with: (i) the satisfaction of conditions precedent to the proposed divestment of the Global Engineering Solutions business, including the ability to secure regulatory approvals on anticipated terms, at all or on time; (ii) economic, financial, political and regulatory conditions, in the United States and elsewhere, and other factors that contribute to uncertainty and instability, natural and man-made disasters, civil unrest, pandemics (eg, the coronavirus (COVID-19) pandemic (“the COVID-19 pandemic”), geopolitical uncertainty and conditions that may arise from legislative, regulatory, trade and political changes associated with the current US administration; (iii) the Company’s ability to successfully recover from a disaster or other business continuity issue caused by a hurricane , flood, earthquake, terrorist attack, war, pandemic, security breach, cyber attack, power outage, telecommunications failure or other natural or man-made event, including the ability to work remotely during prolonged disruptions such as the COVID-19 pandemic; ( iv) the impact of public health crises, such as pandemics (including the COVID-19 pandemic) and epidemics and any related company or government policies and actions to protect the health and safety of individuals or government policies or actions to maintain the functioning of national or global economies and markets, including any quarantine, “shelter in place”, “stay at home”, workforce reductions, social distancing, closures or similar actions and policies; (v) the outcome of any potential litigation, governmental and regulatory proceedings, inquiries and investigations; (vi) changes in debt and equity markets, including credit quality and margins; (vii) changes in financial markets, capital, credit and commodity markets and interest rates; (viii) the possibility that the completion of the transaction may be more expensive than anticipated, including as a result of unexpected factors or events; (ix) the ability of the parties to meet expectations regarding the accounting and tax treatment of the proposed transaction; and (x) those additional risks and factors discussed in reports filed by the Company from time to time with the Securities and Exchange Commission (“SEC”), including those discussed under the heading “Risk Factors” in their most recent filings annual Reports on Form 10-K and subsequent quarterly reports on Form 10-Q. Although the list of factors presented here is considered representative, this list should not be considered a complete statement of all potential risks and uncertainties. Factors not listed may present significant additional obstacles to the realization of forward-looking statements. The consequences of material differences in results compared to those anticipated in the forward-looking statements could include, among other things, business interruption, operational problems, financial loss, legal liability to third parties and similar risks, any of which could have significant damage to the Company’s consolidated financial position, business results, credit rating or liquidity. Except to the extent required by applicable law or regulation, the Company disclaims any obligation to update any forward-looking statements contained in this communication or otherwise to update any of the foregoing factors.

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