McGraw Hill Financial Inc (MHFI.N) is nearing a deal to pay more than $2 billion for SNL Financial LC, a financial data and information company owned by private equity firm New Mountain Capital LLC, a person familiar with the matter said on Sunday. The company expects the transaction to close in the current quarter and to be accretive to 2016 adjusted diluted earnings per share.

McGraw Hill said that it has identified approximately $70 million in synergies which are expected to be fully realized by 2019 largely from operational efficiencies and its own ability to accelerate SNL’s worldwide growth through its global footprint.

The company reported $1.28 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.14 by $0.14.

Privately held SNL Financial, based in Charlottesville, Virginia, is a provider of financial news, data and analysis.

Excluding items, adjusted earnings from continuing operations for the quarter were $1.21 per share, compared to $1.04 per share in the year-ago period.

Analysts on common had anticipated $1.13 per share, in line with Thomson Reuters I/B/E/S.

In addition to McGraw Hill Financial, Precision Castparts (NYSE:PCP), Beacon Roofing Supply (NASDAQ:BECN), Wabtec (NYSE:WAB) and Plug Power (NASDAQ:PLUG) all entered M&A deals.

The economic impact will be partly offset by tax benefits with an estimated present value of about $550 million, McGraw Hill said in a statement Monday. Its subsidiaries include Standard & Poor’s Ratings Services and the S&P Dow Jones Indices. New York-based New Mountain took a majority stake in the company in 2011 in a deal that valued SNL at $450 million.

Where the SNL acquisition makes a fair amount of sense given McGraw Hill’s overall business, the transaction involving the FT and The Economist appear to be appeals to vanity buyers. The company’s revenue for the quarter was up 3.1% on a year-over-year basis.