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McGraw-Hill textbook unit sale now an all-cash deal
March 5, 2013 / 1:15 PM / in 5 years

McGraw-Hill textbook unit sale now an all-cash deal

(Reuters) - The McGraw-Hill Cos Inc MHP.N said the $2.5 billion sale of its textbook business to private equity firm Apollo Global Management LLC (APO.N) is now an all-cash deal.

The company will receive $150 million in cash at closing instead of being issued $250 million of unsecured notes.

McGraw-Hill, the parent of credit ratings agency Standard & Poor’s Corp, agreed last November to sell its McGraw-Hill education unit to Apollo.

Shares of the company, which have fallen by a fifth since last month when the U.S. government hit S&P with a $5 billion fraud lawsuit, closed at $47.14 on the New York Stock Exchange on Monday.

Reporting by Aman Shah in Bangalore

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