McGraw-Hill agrees to sell J.J. Kenny Drake, Inc. to new company.The McGraw-Hill Cos. (New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of ) has signed an agreement to sell its J.J. Kenny Drake, Inc. (New York) to JJKD Holdings (New York), a newly-formed company. No terms of the deal, subject to NASD NASD See: National Association of Securities Dealers NASD See National Association of Securities Dealers (NASD). approval, were given. J.J. Kenny Drake is the municipal bond inter-dealer brokerage unit of M-H M-H Miami Herald (Miami, FL newspaper) division Standard & Poor's. The unit offers information on bond issues, trade prices, estimated bond prices and bid and asked prices quoted by securities firms. The unit was acquired by McGraw-Hill in 1990. S&P president Leo Leo, in astronomy Leo [Lat.,=the lion], northern constellation lying S of Ursa Major and on the ecliptic (apparent path of the sun through the heavens) between Cancer and Virgo; it is one of the constellations of the zodiac. O'Neill said his company's strategy "is to be the leading provider of investment data, analytics, and opinions for investors globally and, as such, the municipal bond trading operations under the Kenny Drake brand fall outside that directive." S&P will continue to own and operate the Standard & Poor's Kenny Evaluations and Information Services See Information Systems. businesses, which are not part of -the deal. S&P will retain the ability to access the J.J. Kenny Drake trade data on a real-time basis. Peter Byram, who remains as president/ceo of the acquired unit, said that "under this new framework, we will be in a better position to grow our franchise... (and) we will be able to explore other opportunities in the (municipal) market." |
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