(Reuters) – S&P Global Inc plans to sell its engineering solutions business and has confidentially engaged with several prospective buyers, the market intelligence and ratings agency said on Wednesday.
The decision to sell the unit follows S&P Global’s $44 billion acquisition of data firm IHS Markit earlier this year.
The engineering solutions division serves more than 6,000 customers globally. Its products help engineers, builders and architects access the data and insights needed to deliver complex projects and new products.
S&P Global reported a 37% rise in revenue in the third quarter due to the inclusion of IHS Markit’s businesses. On an adjusted basis, revenue was 8% lower.
The engineering solutions unit accounted for 3.3% of its parent’s total revenue during the quarter.
(Reporting by Yuvraj Malik in Bengaluru; Editing by Devika Syamnath)