Apollo Carving Out McGraw-Hill's Education Business for $2.5B
November 27, 2012
Apollo Global Management has agreed to buy the McGraw-Hill Education business of The McGraw-Hill Companies (NYSE: MHP) for $2.5 billion. Debt financing is being provided by Credit Suisse, Morgan Stanley, Jefferies, UBS, Nomura and BMO. McGraw-Hill Education, which generated $2.3 billion in sales last year, is a provider of educational materials, information and solutions for the pre-K through 12th grade, assessment, higher education and professional markets, with publications in over 65 languages. With this divestiture, McGraw-Hill will focus on its financial services business and expects to be renamed McGraw Hill Financial.