S&P Global announced Dec. 27, 2021, that it will sell its IHS Markit’s Base Chemicals business to News Corp and its CUSIP Global Services to FactSet Research Systems.
In a Business Wire release, the company said the agreements represent the continued progress toward completing the merger of S&P Global and IHS Markit.
“Finding a suitable buyer for these two businesses meets a key regulatory requirement for our merger,” Lance Uggla, chairman and IHS Markit CEO said in the release. “We now look forward to combining our great companies and consolidating our businesses to drive growth for our customers around the world.”
News Corp purchased the business for $295 million, while FactSet Research Systems acquired CGS for $1.925 billion, the release stated. This comes as S&P Global pledged to divest its Leveraged Commentary and Data (LCD) business, alongside a related family of leveraged loan indices as a condition for regulatory approval. An agreement to sell the LCD business can be executed following the conclusion of the merger between S&P Global and IHS Market.
According to the release, S&P Global and IHS Markit will receive an aggregate net sale of $1.3 billion under the terms of the deal.
The merger is expected to be finalized in the first quarter of 2022.