Special Announcement: Symphony Technology Group Acquires Architectural Record Parent Company
McGraw Hill Financial yesterday announced it has agreed to sell McGraw Hill Construction to Symphony Technology Group, a strategic private equity firm based in Palo Alto, California, for $320 million in cash. The transaction, which is expected to close during the fourth quarter of 2014, is subject to regulatory approval and customary closing conditions.
"We are pleased to have found a buyer in Symphony with a strong track record of acquiring high-performance companies that will enable McGraw Hill Construction to continue pursuing growth opportunities and its proud tradition of serving the construction market," said Douglas L. Peterson, President and Chief Executive Officer of McGraw Hill Financial.
"We are very excited for this opportunity to acquire the recognized leader in pre-bid and bid-stage construction data and analytics," said William Chisholm, Managing Director of Symphony Technology Group. "We look forward to helping the business achieve the next level of success by continuing to deliver mission critical data and industry news while enhancing analytics and tools to better serve construction professionals."
In March 2014, McGraw Hill Financial announced it was exploring strategic alternatives for McGraw Hill Construction, a leading provider of essential data, news and insights to better inform construction professionals' decisions in the United States.
Evercore Partners acted as a financial advisor to McGraw Hill Financial in this transaction.
Additional information is available at www.mhfi.com.