Apollo Global Management LLC In Talks To Buy McGraw-Hill Companies Inc's Educational Publishing Unit-Reuters

Reuters reported that Apollo Global Management LLC is in exclusive talks to buy the educational publishing unit of McGraw-Hill Companies Inc, prevailing over rival bidders Cengage Learning Inc and buyout firm Bain Capital LLC. The exact offer price by Apollo could not be learned on Tuesday, but people familiar with the matter said previously that McGraw-Hill Education could be valued at around $3 billion. McGraw-Hill has sought to fetch more than $3 billion from the sale and could still choose to spin off the unit as initially planned if buyout offers fall short of expectations, the people familiar with the matter said previously.