XIO Group, a Chinese-based global investments firm, has agreed to acquire car research and ratings company J.D. Power and Associates, for $1.1-billion in cash.
The transaction is expected to close in the third quarter of 2016, pending regulatory approvals and customary closing conditions.
“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 of J.D. Power, in a written release.
“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,” he added.
Parent company McGraw Hill Financial announced in October 2015 that it was exploring a sale of J.D. Power, which has its roots in automotive.
The firm was founded in 1968 by J.D. “Dave” Power and his wife Julie from their kitchen table in their Calabasas, Calif., home. A year later, they had entered the auto industry with their first client Toyota Motor Company.
J.D. Power has 12 offices across the globe with a team of more than 700 professional analysts, statisticians, economists, consultants, and experts in demographics and consumer behaviour.
