Apollo to buy McGraw-Hill education unit for $2.5 bn
McGraw-Hill said today it agreed to sell its education unit for USD 2.5 billion, allowing the group to focus on financial operations including its Standard & Poor's brand.
November 27, 2012 / 09:15 IST
McGraw-Hill said today it agreed to sell its education unit for USD 2.5 billion, allowing the group to focus on financial operations including its Standard & Poor's brand.
The deal calls for McGraw-Hill Education, which produces textbooks and digital educational materials, to be sold to investors led by Apollo Global Management, in a sale expected to close in late 2012 or early 2013.After closing, McGraw-Hill will be renamed McGraw Hill Financial, and will concentrate on its brands including Standard & Poor's, S&P Dow Jones Indices, S&P Capital IQ, Platts and JD Power and Associates."Today's transaction marks a transformative time for our company, shareholders, customers and employees," said Harold McGraw III, chairman and chief executive of The McGraw-Hill Companies."This move builds on McGraw-Hill's strong legacy and gives us an unprecedented opportunity to focus on accelerating the growth of our iconic brands and leading franchises."As technology produces more and more data in a complex world, our leading brands provide essential intelligence and independent benchmarks across asset classes and markets."McGraw-Hill said its remaining assets will make it "a high-growth, high-margin benchmarks, content and analytics company in the global capital and commodities markets."Without the education unit, McGraw-Hill will have customers in more than 150 countries and revenue of approximately USD 4.4 billion. Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
