NEW YORK — McGraw Hill Financial announced it has reached a definitive agreement to sell J.D. Power to XIO Group, a global alternative investments firm, for $1.1 billion in cash.

The transaction, which is still subject to regulatory approvals and customary closing conditions, is expected to close during the third quarter of 2016 — about a year after McGraw Hill announced it was exploring strategic alternatives for J.D. Power in October 2015.

"We are thrilled that XIO Group recognizes the value of the J.D. Power brand and is committed to maintaining our core brand identity and values while helping us grow and expand," said Fin O'Neill, president, J.D. Power.  "We believe this next chapter will allow us to increase our insights across a broader spectrum of consumer interaction, a more extensive global footprint and an increasingly digital, connected and mobile society."

The CEO of the global investments firm, Joseph Pacini also expressed the goals his company has for J.D. Power.

“We have enormous respect for J.D. Power and its experienced and successful management team,” Pacini said.  “We are delighted to be the partner of choice and to further help grow J.D. Power given our world-class international team, significant capital resources and unique access to untapped opportunities in fast growing regions."