John Wiley to buy learning services co for $220 million
(Reuters) - John Wiley & Sons Inc (JWa.N), the publisher of the "For Dummies" books, said it will buy privately held online learning services company Deltak.edu LLC for $220 million to strengthen its business with higher education institutions.
Deltak will add to John Wiley's global education business, which publishes educational content for colleges and universities, for-profit career colleges, advanced placement classes and secondary schools.
Revenue from the business accounted for 18 percent of John Wiley's total revenue in fiscal 2012.
Chicago-based Deltak, founded in 1997, works with colleges and universities to develop and support online degree and certificate programs.
The company had revenue of $54 million in the fiscal year ended September.
Deltak's more than 300 employees would become part of John Wiley after the deal, which is expected to close this month.
John Wiley has been consolidating its business around its textbooks, and sold its "Frommer's" line of travel guidebooks to Google Inc (GOOG.O) in August.
Shares of the Hoboken, New Jersey-based company were almost flat at $45.46 on the New York Stock Exchange on Tuesday.
(Reporting by Neha Alawadhi in Bangalore; Editing by Maju Samuel and Don Sebastian)
LONDON - Global equities headed for their biggest two-week drop since June and the dollar hit 5-year highs against the yen on Friday amid concern the U.S. Federal Reserve could start scaling back its stimulus as early as next week.
WASHINGTON - U.S. small business sentiment bounced back from a seven-month low in November, with owners setting their sights on creating more jobs and expanding operations.
BEIJING/HONG KONG - China reiterated its opposition on Thursday to a European Union plan to limit airline carbon dioxide emissions and called for talks to resolve the issue a day after its major airlines refused to pay any carbon costs under the new law.