Summary
S&P Global Inc. (then McGraw Hill Financial, Inc.) announced on November 4, 2014, the completion of the sale of its McGraw Hill Construction division to Symphony Technology Group for $320 million in cash. This strategic divestiture marks a significant step in the company's portfolio rationalization, aimed at focusing on its core businesses and creating a more streamlined "McGraw Hill Financial." To aid investors in understanding the impact of this sale on ongoing operations, the company has provided recasted financial information. This adjusted data excludes McGraw Hill Construction, presenting continuing operations separately for key historical periods in 2013 and 2014. This allows for a clearer view of the company's performance and financial condition without the divested segment, and it has been reclassified to reflect discontinued operations starting in Q3 2014.
Key Highlights
- 1Completion of sale of McGraw Hill Construction to Symphony Technology Group for $320 million cash.
- 2Transaction is part of a strategic portfolio rationalization to create a focused McGraw Hill Financial.
- 3McGraw Hill Construction results reclassified as 'discontinued operations' effective Q3 2014.
- 4Assets and liabilities of McGraw Hill Construction reclassified as 'held for sale'.
- 5Company provided recasted selected financial information excluding McGraw Hill Construction for comparative analysis.
- 6Recasted information covers 2013 full year and 2014 quarterly and year-to-date periods.
- 7Non-GAAP financial measures are provided to facilitate operational performance comparisons.