Penton Media, a New York-based publisher of trade magazines and industry-specific websites, has signed an agreement to acquire McGraw Hill Financial's Aviation Week unit, the parent of Aviation Week & Space Technology. The all-cash deal is expected to close as early as Aug. 1. Financial terms were not disclosed.

Aviation Week will join Penton's Aviation Group, whose brands include Air Transport World, Aircraft Bluebook, Air Charter Guide,, AC-U-KWIK and SpeedNews. Aviation Week President Gregory Hamilton will head the combined entity.

Commenting on the acquisition, David Kieselstein, CEO of Penton, said, “Aviation Week is the clear leader in global aviation information with exceptional assets including: a growing maintenance, repair and overhaul event platform with shows in North America, Europe and Asia; the leading digital information service in the Aviation Week Intelligence Network; and, the most respected content engine in the industry. We see 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.”

McGraw Hill Financial, which was created in May after the sale of McGraw-Hill Education, said the sale of Aviation Week is the latest step in the company's effort to divest non-core assets while focusing on markets where it has size and scale.