July 27, 2015 / 11:50 AM / 5 years ago

McGraw Hill to buy SNL Financial for $2.23 bln

July 27 (Reuters) - McGraw Hill Financial Inc, the parent of the Standard & Poor’s ratings agency, said it would buy SNL Financial LC, a financial data and information company owned by private equity firm New Mountain Capital LLC, for about $2.23 billion.

The financial impact of the acquisition will be mitigated by tax benefits of about $550 million, the New York-based company said in a statement.

The cash deal is expected to add to adjusted diluted earnings per share in 2016, excluding amortization, McGraw Hill said.

McGraw Hill, which also reported second-quarter results on Monday, said adjusted net income from continuing operations rose 17 percent to $335 million. (Reporting by Richa Naidu in Bengaluru; Editing by Saumyadeb Chakrabarty)

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