Nielsen Holdings Plc has agreed to the sale of its Global Connect Unit, that provides research data to consumer goods companies, to private equity firm Advent International in a $2.7 billion deal.

Advent will buy Nielsen's Global Connect unit in partnership with James Peck, the former chief executive officer of the credit reporting company TransUnion, according to a statement.

Nielsen, best known for its television ratings that are used to determine advertising rates for TV commercials, said the sale of its Connect business will help it focus on the media arm.

The sale will also help Nielsen reduce debt, it added.

Upon completion of the transaction, Nielsen Global Connect will be a private company and headquartered in Chicago. David Rawlinson will remain CEO of Nielsen Global Connect.

The market research firm added that the Global Connect unit will be renamed NielsenIQ in early 2021 and that it will license Nielsen's branding for 20 years.

The deal is expected to close in the second quarter of 2021.