McGraw Hill Financial has sold Aviation Week to Penton Group, a move that creates a new leading player in the global commercial aerospace business.

aviation weekAW's flagship magazine, website, live events and information technology/research units reach more than 1.2M professionals.

Penton’s  aviation assets include Air Transport World, SpeedNews, Aircraft Bluebook and Air Charter Guide.

The combined units will have more than 140 staffers in New York, Washington, D.C., Massachusetts, California, England, France, German and China.

David Kieselstein, CEO of Penton, said in a statement that AW is "the clear leader in global aviation information with exceptional assets including: a growing maintenance/repair/overhaul event platform with shows in North America, Europe and Asia; the leading digital information service in Aviation Week Intelligence Network and, the most respected content engine in the industry."

He sees a "huge opportunity to unlock additional growth by overlaying Penton’s formula of centralized centers of excellence in marketing services, digital community, insights and data product development to spur further growth."

Kieselstein called Penton a "next generation information services company with over 75% of our profits driven by digital, event and marketing services profit streams at exceptional margins."

Penton is owned by MidOcean Partners and U.S. Equity Partners II, an investment fund sponsored by Wasserstein & Co., LP