NEW YORK -

J.D. Power has a buyer.

McGraw Hill Financial said in a news release Friday afternoon it has reached a definitive agreement to sell that business unit to global alternative investments firm XIO Group.

The cash deal would be $1.1 billion.

The deal is expected to close in the third quarter.

“We are very pleased with this outcome. The transaction represents good value for our shareholders and positions J.D. Power for continued success,” McGraw Hill Financial president and chief executive officer Douglas Peterson said in the statement. "Our portfolio will now be even more focused on financial intelligence businesses with a common set of attributes. The businesses are scalable, they are global and they all have market-leading positions."

J.D. Power president Fin O’Neill added: “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. 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.”