Standard & Poor's owner McGraw Hill Financial Inc (MHFI.N) said it would sell McGraw Hill Construction to a private equity firm for $320 million.

Palo Alto, California-based Symphony Technology Group will buy McGraw Hill Construction, which provides construction industry data and analytics to owners, architects, engineers, product manufacturers, commercial real estate firms and financial services firms.

Chief Executive Douglas Peterson said the deal completes the company's reorganization plans to improve efficiency.

The company said in March that it was exploring strategic alternatives for McGraw Hill Construction.

McGraw Hill Construction, which generates about $170 million in annual revenue, has shifted away from legacy print products to data and analytics offerings.

Evercore Partners advised McGraw Hill Financial in the transaction, which is expected to close in the fourth quarter.