NEW YORK (AP) — McGraw Hill Financial, owner of ratings agency Standard & Poor’s, is buying SNL Financial for about $2.23 billion.

Privately held SNL Financial, based in Charlottesville, Virginia, is a provider of financial news, data and analysis.

McGraw Hill Financial President and CEO Douglas Peterson said in a written statement that the transaction will enhance existing offerings, help in developing new services and all the company to expand into adjacent markets.

McGraw Hill Financial Inc., based in New York, said Monday that it expects approximately $70 million in savings to be realized by 2019.

The deal is targeted to close in the third quarter.

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