LONDON AND COSTA MESA, Calif. — Global alternative investments firm XIO Group has completed its acquisition of J.D. Power and Associates from McGraw Hill Financial Inc. for $1.1 billion, the company’s announced on Wednesday.
J.D. Power will remain headquartered in Costa Mesa, Calif., and will continue to be led by its existing management team, the company said in its press release. McGraw Hill had announced in October that it had reached a definite agreement to sell its marketing data and analytics firm in April, about a year after the firm announced it was exploring strategic alternatives for J.D. Power.
“We are delighted to be partnering with J.D. Power and working together to build on the company’s strong foundation,” said XIO CEO Joseph Pacini said in a statement. “J.D. Power has excellent brand recognition supported by a first-class management team, and we are extremely optimistic about the company’s long-term prospects.
“We are particularly excited to continue working with [Finbarr O’Neill] and his team to expand J.D. Power’s global business, specifically its capabilities for unique and proprietary big data and analytics solutions for blue-chip customers in many key international markets.”
O’Neill was named president of the firm in 2008, after serving as vice chairman and CEO of Reynolds & Reynolds Co. He also served as co-chairman, president and CEO of Mitsubishi Motors North America Inc. from 2003 to 2005, and president and CEO of Hyundai Motor American from 1998 to 2003. O’Neill joined Hyundai Motor America as general counsel in February 1985.
“This is an exciting time for J.D. Power,” said O’Neill in a statement. “We are joining a firm with the resources and motivation we need to accelerate our growth, bolster our competitive position, and broaden our global footprint. We believe that XIO Group is the ideal partner to help us expand our data and analytics capabilities globally, enhancing our customer solutions and meeting our clients’ needs in an increasingly mobile, connect world.”