Apollo Global Management Agrees to Purchase McGraw-Hill for $2.5B

MCGRAW-HILL: The 124-year old iconic publishing house has agreed to sell its education business, McGraw-Hill Education, to private equity firm Apollo Global Management for $2.5 billion, reports Bloomberg Businessweek. The company, having taken consistent losses from its education division in recent years, had publicly announced back in August 2011 intentions to sell the unit. It will continue to be run by Lloyd Waterhouse. As part of the sale, expected to close by year's end, the rest of the company will be renamed McGraw-Hill Financial, and continue on with its more lucrative financial research business, best recognized by services like Standard & Poor's, S&P Dow Jones Indices, and J.D. Power and Associates.

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