LONDON (Reuters) - U.S. private equity firm TPG is buying TSL Education, publisher of the Times Educational Supplement, from Charterhouse in a deal worth 400 million pounds ($595.30 million), two sources familiar with the matter said on Monday.
European private equity firm Charterhouse has owned TSL since 2007 and has been looking to sell since December 2012 when it appointed Goldman Sachs (GS.N) to find buyers, one of the sources said.
TPG and Charterhouse both declined to comment.
The deal, first reported by Sky News, is set to be announced later on Monday.
San Francisco-based TPG is said to be attracted by TSL’s network of 52 million teachers online, the sources said.
The buyout was led by Karl Peterson, its managing partner in London, who was formerly chief executive of Hotwire, a discount travel website.
The UK-based educational publisher produces the Times Higher Education Supplement as well as organizing conferences and exhibitions for the education sector.
The deal marks the third change of ownership in less than a decade for TSL, which was previously owned by News International before being acquired by Exponent Private Equity in 2005.
Reporting by Anjuli Davies and Sebastian Sadr-Salek,; Editing by Laura Noonan and Louise Heavens