McGraw Hill Financial (NYSE: MHFI) 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.
“Today’s announcement is another important step in the development of McGraw Hill Financial. This action allows us to apply even greater focus on our high-growth, high-margin benchmark businesses serving large and growing capital and commodity markets around the world,” said Harold McGraw III, Chairman, President and CEO of McGraw Hill Financial. “Aviation Week is a premier franchise in the civil and defense aerospace industry. We’re pleased the business has found a strategic fit and a good home with Penton, which is a respected business information and marketing company and has complementary assets and capabilities.”
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.
“Penton Aviation owns and operates leading brands in business and commercial aviation including Air Transport World, SpeedNews, Aircraft Bluebook, Air Charter Guide, Airportdata.com and AC-U-KWIK.” “The combination of Aviation Week and Penton Aviation creates the largest and most powerful targeted marketing platform for companies and executives in the dynamic and growing global aviation industry,” said David Kieselstein, CEO of Penton.
Aviation Week serves over 1.2 million professionals in 185 countries and is the largest information and services provider to the global commercial, defense, maintenance/repair/overhaul (MRO), space and business aviation communities. It is anchored by its flagship Aviation Week & Space Technology.