- S&P Global ( NYSE: SPGI ) said Tuesday it will sell its engineering solutions business to investment funds managed by KKR ( KKR ) for $975M in cash .
- The divestiture allows S&P ( SPGI ) to focus on driving growth in its core businesses.
- S&P ( SPGI ) expects the sale to result in after-tax proceeds of ~$750M, which are expected to be used to fund stock repurchases.
- KKR will make the investment through its North America Fund XIII.
- "We see significant opportunities for the engineering solutions arm to accelerate growth, expand its footprint and continue to innovate as an independent company," said Webster Chua, partner, KKR ( KKR ).
- S&P ( SPGI ) announced its plan to divest the unit in November.
- The sale is expected to close by the end of Q2 2023.
- Earlier, S&P ( SPGI ) acquired TruSight to enhance its third party risk management capabilities .
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S&P Global to sell engineering solutions unit to KKR for $975M