McGraw-Hill Sells Education Unit to Apollo
McGraw-Hill Cos. (MHP) agreed to sell its education unit to Apollo Global Management LLC (APO) for $2.5 billion as Chief Executive Officer Harold “Terry” McGraw III remakes his family’s 124-year-old company around financial services. The transaction is expected to close by early 2013, the company said today in a statement. It will have a non-cash impairment charge of about $450 million to $550 million in the fourth quarter and use an estimated $1.9 billion in net proceeds to fund share...
Read MoreFinancial Times could be sold by Pearson for £1bn
Pearson, the FTSE 100 media group, is planning to explore a sale of the financial daily newspaper within months, Bloomberg reported, so that the company can focus on its fast-growing education division. Dame Majorie Scardino, the chief executive of Pearson, once said famously that the FT would be sold “over my dead body”. But sources said the company had decided to start the sale process before she steps down at the end of the year. Investment bankers and analysts have been predicting...
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