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TheStreet Sells RateWatch Business To S&P Global For $33.5 Mln

TheStreet Inc. (Nasdaq: TST), a financial news and information company, said that it has sold its RateWatch business for $33.5 million to S&P Global (SPGI), a provider of transparent and independent ratings and data to the capital, corporate and commodities markets worldwide.

RateWatch, which is based in Fort Atkinson, Wisconsin, provides more than 4,200 bank and credit union clients with a robust deposit and loan rate database covering 100,000 locations and dating back 20 years. RateWatch has approximately 60 employees and 2017 revenues of approximately $7.7 million. It was acquired by TheStreet in 2007.

The transaction is expected to result in proceeds of approximately $32 million for TheStreet, Inc., assuming full payout of customary escrows and net of taxes and transaction-related expenses and fees.

S&P Global said it does not expect a material impact to its adjusted earnings per share in 2018. The return on invested capital (ROIC) is expected to exceed the Company's required rate of return after three years.

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