NEW YORK CITY (dpa-AFX) - McGraw-Hill Companies (MHP) and CME Group (CME) announced that they have received notification that the U.S. Department of Justice has completed its review of the proposed joint venture company, S&P Dow Jones Indices, and has granted early termination of the statutory waiting period. The companies said that the condition to the formation of the joint venture related to the Hart-Scott-Rodino Antitrust Improvements Act has been satisfied.
The formation remains subject to other customary closing conditions. A closing date has not yet been announced, but the S&P Dow Jones Indices joint venture is targeted to be completed by the end of June, the companies said.
In November 2011, McGraw-Hill and CME Group announced an agreement to establish a new joint venture. As per the terms of the agreement, McGraw-Hill will contribute its S&P Indices business and the CME Group/Dow Jones joint venture will contribute the Dow Jones Indexes business to create S&P/Dow Jones Indices.
McGraw-Hill will own 73 percent of S&P/Dow Jones Indices and CME Group will own 24.4 percent through its affiliates, whereas Dow Jones will own 2.6 percent.
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