Sale of McGraw-Hill Education
10-K - Feb 13, 2015
On March 22, 2013, we completed the sale of McGraw-Hill Education ("MHE") to investment funds affiliated with Apollo Global Management, LLC for a purchase price of $2.4 billion in cash.
SE‑ClusterEnvironmental Services
Tear SheetSource: SEC EDGAR
S&P Global Inc.
SPGIActiveCIK 64040 · Financial Data & Exchange Roll-Ups
S&P Global Inc. is a public company in Financial - Data & Stock Exchanges, tracked in the financial data and exchange rollups sub-sector, with $16B TTM revenue and $7.8B TTM EBITDA.
Market data as of May 10, 2026
Financials: LTM / latest available company filings
Sources: FMP, SPGI filings, SEC EDGAR
$124,356
Market cap ($MM)
$136,322
Enterprise value ($MM)
$15,730
Revenue · LTM ($MM)
$7,830
EBITDA · LTM ($MM)
50%
EBITDA margin
8.7x
EV / revenue
17.4x
EV / EBITDA
1.5x
Net debt / EBITDA
Coverage
Coverage view
The analytical read on the name and the balance-sheet capacity behind the program.
Key points
- 01SPGI is a scaled public consolidator in Data & Exchanges, a benchmark for how the sub-sector buys, pays, and trades.
- 02The relevant peer set is ICE, MCO, FDS, MSCI, FICO.
Balance sheet & capacity
Indicative capacity read: 1.5x net debt / EBITDA with EBITDA of $7.8B.
$1,810
Cash & equiv. ($MM)
$13,318
Total debt ($MM)
$11,508
Net debt ($MM)
1.5x
Net debt / EBITDA
Valuation
Where it trades against its peer set
SPGI versus the scaled public Financial Data & Exchange Roll-Ups comparables.
EV / EBITDA distribution · peer set
SPGI 17.4x
Indexed share-price performance
SPGI versus available Financial Data & Exchange Roll-Ups peers and SPY.
+8.7%
SPGI
+34%
Peer med.
+79%
SPY
Indexed to 100 from May 28, 2021 through May 26, 2026. Source: FMP month-end close history.
| Company | Ticker | Revenue ($MM) | EBITDA ($MM) | Margin | Market cap ($MM) | EV ($MM) | EV / rev | EV / EBITDA | Net debt / EBITDA |
|---|---|---|---|---|---|---|---|---|---|
| S&P Global Inc. | SPGI | $15,730 | $7,830 | 50% | $124,356 | $136,322 | 8.7x | 17.4x | 1.5x |
| Intercontinental Exchange, Inc. | ICE | $13,075 | $6,633 | 51% | $88,118 | $107,609 | 8.2x | 16.2x | 3.2x |
| Moody’s Corporation | MCO | $7,873 | $3,950 | 50% | $78,846 | $84,690 | 10.8x | 21.4x | 1.4x |
| Factset Research Systems Inc. | FDS | $2,401 | $937 | 39% | $8,146 | $9,432 | 3.9x | 10.1x | 1.2x |
| Msci Inc. | MSCI | $3,239 | $1,988 | 61% | $42,619 | $48,781 | 15.1x | 24.5x | 3.0x |
| Fair Isaac Corp | FICO | $2,256 | $1,163 | 52% | $26,113 | $29,550 | 13.1x | 25.4x | 2.9x |
| Financial Data & Exchange Roll-Ups median | $5,556 | $2,969 | 50% | $60,732 | $66,735 | 9.7x | 19.4x | 2.2x |
Financials via Financial Modeling Prep (SEC-derived TTM). EV/EBITDA distribution: each dot a live peer, band = interquartile range, line = median. Impossible values (EBITDA > revenue, negative-EBITDA multiples) shown NM.
M&A program
A sustained, programmatic tuck-in cadence
SPGI's disclosed acquisition footprint and the deals behind it.
Disclosed acquisitions
117
Active years
13
Named deals
10
Avg / active year
9.0
Acq. cash outflow ($MM)
N/A
Banker read
- 01SPGI reads as a programmatic acquirer: 117 disclosed acquisitions across 13 active years, or 9.0 per active year. The chart shows activity in 8 of the last 12 visible years.
- 02In the last three years, the file shows 11 acquisitions versus 6 in the prior three; recent activity is running above the prior three-year period.
- 03Spend changes the read: $6.8B of disclosed spend is concentrated in lumpy years, with FY15 the largest year at $2.4B. Recent spend is above the prior three-year period.
Annual acquisitions + disclosed spend
count spend named deal
SPGI count bars show acquisition cadence; the spend line shows when the program required larger capital deployment.
Program diagnostics
Recent / prior
11 / 6
Last three years is up 83% vs prior three.
Peak count year
FY18
6 disclosed acquisitions in the peak visible year.
Recent spend
$2.6B
is up 538% vs prior three; peak FY15 at $2.4B.
Named evidence
10 rows
8.5% selected source-cited transaction coverage.
Selected transactions
| Date | Target | Segment | Consideration ($MM) | Strategic rationale | Source |
|---|---|---|---|---|---|
| Mar 22, 2013 | McGraw-Hill Education ("MHE") | Financial data and exchange rollups | $2,400 | On March 22, 2013, we completed the sale of McGraw-Hill Education ("MHE") to investment funds affiliated with Apollo Global Management, LLC for a purchase price of $2.4 billion... | 10-K† |
| Mar 22, 2013 | McGraw-Hill Education | Financial data and exchange rollups | $2,400 | On March 22, 2013, we completed the sale of McGraw-Hill Education ("MHE") to investment funds affiliated with Apollo Global Management, LLC for a purchase price of $2.4 billion... | 10-K† |
| Sep 1, 2015 | SNL Financial LC | Financial data and exchange rollups | $2,200 | In September of 2015, we acquired SNL Financial LC ("SNL") for $2.2 billion. SNL is a global provider of news, data, and analytical tools to five sectors in the global economy:... | 10-K† |
| Sep 1, 2015 | SNL Financial LC | Financial data and exchange rollups | $2,200 | In September of 2015, we acquired SNL Financial LC ("SNL") for $2.2 billion. SNL is a global provider of news, data, and analytical tools to five sectors in the global economy:... | 10-K† |
| Nov 25, 2025 | With Intelligence | Financial data and exchange rollups | $1,800 | On November 25, 2025, we completed the acquisition of With Intelligence from Motive Partners for $1.8 billion. The acquisition is part of our Market Intelligence segment. Combin... | 10-K† |
| May 2, 2023 | Engineering Solutions | Financial data and exchange rollups | $975 | On May 2, 2023, we completed the sale of Engineering Solutions to Allium Buyer LLC, a Delaware limited liability company controlled by funds affiliated with Kohlberg Kravis Robe... | 10-K† |
| Jun 29, 2012 | Dow Jones Index business | Financial data and exchange rollups | $792 | On June 29, 2012, we closed our transaction with CME Group, Inc. (“CME Group”) and CME Group Index Services LLC (“CGIS”), a joint venture between CME Group and Dow Jones & Compa... | 10-K† |
| Apr 1, 2018 | Kensho | Financial data and exchange rollups | $550 | In April of 2018, we acquired Kensho for approximately $550 million, net of cash acquired, in a mix of cash and stock. Kensho is a leading-edge provider of next-generation analy... | 10-K† |
Acquisitions disclosed/extracted from SEC filings; not necessarily full M&A history. Disclosed acquisition cash outflow is cumulative "payments for acquisitions, net of cash acquired" from the 10-K cash-flow statements (a cash outflow, not deal value). Built on 16 SEC-backed facts across 7 cited filings.
Evidence
Source archive
A collapsed investigation trail for the SEC filings behind the financials, annual M&A cadence, named transactions, and management language.
Annual 10-Ks
18
Named deal filings
7
Recent SEC filings
10
Evidence clips
6
Annual 10-K M&A evidenceAccepted annual filings used for disclosed acquisition count and spend.18 rows+-
| Fiscal year | Filing date | Form | Status | Count | Cash spend | Purchase consideration | Source |
|---|---|---|---|---|---|---|---|
| FY2025 | Feb 11, 2026 | Annual M&A 10-K | warning (1 warn) | 5 | $2.0B | N/A | SEC filing |
| FY2024 | Feb 11, 2025 | Annual M&A 10-K | warning (1 warn) | 3 | $305MM | N/A | SEC filing |
| FY2023 | Feb 9, 2024 | Annual M&A 10-K | warning (1 warn) | 3 | $296MM | N/A | SEC filing |
| FY2022 | Feb 10, 2023 | Annual M&A 10-K | accepted | 1 | $210MM | $44B | SEC filing |
| FY2021 | Feb 8, 2022 | Annual M&A 10-K | warning (1 warn) | N/A | $99.0MM | N/A | SEC filing |
| FY2020 | Feb 9, 2021 | Annual M&A 10-K | warning (1 warn) | 2 | $201MM | N/A | SEC filing |
| FY2019 | Feb 10, 2020 | Annual M&A 10-K | warning (1 warn) | 4 | $91.0MM | N/A | SEC filing |
| FY2018 | Feb 13, 2019 | Annual M&A 10-K | warning (1 warn) | 6 | $401MM | $550MM | SEC filing |
| FY2017 | Feb 9, 2018 | Annual M&A 10-K | warning (1 warn) | N/A | $83.0MM | N/A | SEC filing |
| FY2016 | Feb 9, 2017 | Annual M&A 10-K | warning (1 warn) | 4 | $177MM | N/A | SEC filing |
| FY2015 | Feb 12, 2016 | Annual M&A 10-K | warning (1 warn) | 3 | $2.4B | $2.2B | SEC filing |
| FY2014 | Feb 13, 2015 | Annual M&A 10-K | warning (1 warn) | N/A | $82.0MM | N/A | SEC filing |
| FY2013 | Feb 7, 2014 | Annual M&A 10-K | warning (1 warn) | N/A | $47.0MM | N/A | SEC filing |
| FY2012 | Feb 28, 2013 | Annual M&A 10-K | quarantined (2 issue) | N/A | $177MM | $792MM | SEC filing |
| FY2011 | Feb 7, 2012 | Annual M&A 10-K | accepted | 3 | $200MM | $200MM | SEC filing |
| FY2007 | Feb 29, 2008 | Annual M&A 10-K | accepted | N/A | N/A | N/A | SEC filing |
| FY2006 | Feb 28, 2007 | Annual M&A 10-K | accepted | N/A | N/A | N/A | SEC filing |
| FY2005 | Feb 24, 2006 | Annual M&A 10-K | accepted | N/A | N/A | N/A | SEC filing |
Named transaction source filingsFilings behind selected named-deal rows and transaction excerpts.7 rows+-
| Filing date | Form | Targets / topics | Support | Source |
|---|---|---|---|---|
| Feb 11, 2026 | 10-K | With Intelligence | FinancialsAnnual M&ANamed deals | SEC filing |
| Feb 9, 2024 | 10-K | Engineering Solutions | Annual M&ANamed deals | SEC filing |
| Feb 9, 2021 | 10-K | Kensho; Kensho Technologies Inc. | Annual M&ANamed deals | SEC filing |
| Feb 10, 2020 | 10-K | Kensho | Annual M&ANamed deals | SEC filing |
| Feb 9, 2018 | 10-K | SNL Financial LC | Annual M&ANamed deals | SEC filing |
| Feb 13, 2015 | 10-K | McGraw-Hill Education ("MHE"); Dow Jones Index business | Annual M&ANamed deals | SEC filing |
| Feb 7, 2014 | 10-K | McGraw-Hill Education | Annual M&ANamed deals | SEC filing |
Recent SEC filingsThe latest profile filings, kept separate so someone can investigate beyond M&A.10 rows+-
| Filing date | Form | Items | Description | Support | Source |
|---|---|---|---|---|---|
| Feb 11, 2026 | 10-K | N/A | 10-K | FinancialsAnnual M&ANamed dealsRecent SEC | SEC filing |
| May 7, 2026 | 8-K | 7.01,9.01 | FORM 8-K | Recent SEC | SEC filing |
| Apr 28, 2026 | 8-K | 2.02,7.01,9.01 | 8-K | Recent SEC | SEC filing |
| Apr 28, 2026 | 10-Q | N/A | 10-Q | Recent SEC | SEC filing |
| Apr 1, 2026 | 10-Q | N/A | Quarterly report from SEC company index | Recent SEC | SEC filing |
| Mar 31, 2026 | DEFA14A | N/A | DEFA14A | Recent SEC | SEC filing |
| Mar 31, 2026 | DEF 14A | N/A | FORM- DEF 14A | Recent SEC | SEC filing |
| Feb 10, 2026 | 8-K | 2.02,7.01,9.01 | 8-K | Recent SEC | SEC filing |
| Feb 1, 2026 | 10-K | N/A | Annual report from SEC company index | Recent SEC | SEC filing |
| Jan 14, 2026 | 8-K/A | 5.02 | 8-K/A | Recent SEC | SEC filing |
Evidence clipsShort excerpts used on the page; expand only when you want the language.6 rows+-
Medium
Sale of McGraw-Hill Education
10-K - Feb 7, 2014
On March 22, 2013, we completed the sale of McGraw-Hill Education ("MHE") to investment funds affiliated with Apollo Global Management, LLC for a purchase price of $2.4 billion in cash. We recorded an after-tax gain on…
Acquisition of SNL Financial LC
10-K - Feb 9, 2018
In September of 2015, we acquired SNL Financial LC ("SNL") for $2.2 billion. SNL is a global provider of news, data, and analytical tools to five sectors in the global economy: financial services, real estate, energy, m…
SNL Financial LC
10-K - Feb 9, 2018
In September of 2015, we acquired SNL Financial LC ("SNL") for $2.2 billion. SNL is a global provider of news, data, and analytical tools to five sectors in the global economy: financial services, real estate, energy, m…
With Intelligence
10-K - Feb 11, 2026
On November 25, 2025, we completed the acquisition of With Intelligence from Motive Partners for $1.8 billion. The acquisition is part of our Market Intelligence segment. Combining With Intelligence's proprietary data,…
Sale of Engineering Solutions
10-K - Feb 9, 2024
On May 2, 2023, we completed the sale of Engineering Solutions to Allium Buyer LLC, a Delaware limited liability company controlled by funds affiliated with Kohlberg Kravis Roberts & Co. L.P. (“KKR...
Annual M&A counts and disclosed spend are extracted from SEC acquisition disclosures and cash-flow statements; named-deal rows carry direct filing links where the filing identifies the target or consideration.