McGraw Hill Financial said on Friday that it has sold JD Power to Xio Group, an alternative investment company, for $1.1bn in cash.

The move comes as McGraw Hill Financial looks to concentrate more closely on the financial data business. McGraw Hill Financial, which plans to rename itself S&P Global, split of its educational textbook publishing division in 2013.

The company said it intends to close the sale of JD Power, which is known for its car quality rankings, in the third quarter.

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