Consumer-ratings business JD Power sold for $1.1 billion

NEW YORK, N.Y. – McGraw Hill Financial, the financial-data group behind Standard & Poor’s ratings agency, says it has its sold consumer-ratings unit J.D. Power for $1.1 billion.

The buyer is XIO Group, a London-based investment firm established in 2014 with an aim to invest over $5 billion in North American and European companies and help them expand into Asia.

The parties said they expect the transaction to close in the third quarter.