Financial intelligence company McGraw Hill Financial has signed a definitive agreement to sell Aviation Week to Penton, a privately held business information company. Terms of the all-cash transaction, which is expected to close shortly, were not disclosed.
The transaction continues the execution of the Company's strategy of exiting non-core assets while investing for growth in markets where it has size and scale. Earlier this year, the Company sold McGraw-Hill Education as part of its Growth and Value Plan; in 2011, it divested its nine-station Broadcasting Group to The E.W. Scripps Company; and in 2009, the Company sold BusinessWeek to Bloomberg L.P.
These changes, in combination with recent investments, have created a leading financial intelligence company with the mission of promoting sustainable growth by bringing transparency and insights to the global capital and commodity markets.
Aviation Week serves over 1.2 million professionals in 185 countries and claims to be the largest information and services provider to the global commercial, defence, maintenance/repair/overhaul (MRO), space and business aviation communities. It is anchored by its flagship Aviation Week & Space Technology.
The transaction is subject to customary closing conditions.
