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McGraw-Hill Companies Inc Announces To Sell Education Business To Apollo Global Management LLC For $2.5 Billion


Monday, 26 Nov 2012 09:35am EST 

McGraw-Hill Companies Inc announced that it has signed a definitive agreement to sell its McGraw-Hill Education business to investment funds affiliated with Apollo Global Management LLC (collectively with its subsidiaries, Apollo), for a purchase price of $2.5 billion, subject to certain closing adjustments. As part of this transaction, McGraw-Hill will receive $250 million in senior unsecured notes issued by the purchaser at an annual interest rate of 8.5%. The transaction, which is expected to close in late 2012 or early 2013, is subject to regulatory approval and customary closing conditions. 

Company Quote

23.08
0.13 +0.57%
17 Sep 2014