Dive Summary:
- On Monday, Apollo Global Management agreed to acquire McGraw-Hill's educational publishing unit for $2.5 billion in a deal that was anticipated.
- McGraw-Hill will be left with its business information units, including Standard & Poor's, S.&P. 500, the Dow Jones industrial average and the metals industry publication Platts.
- McGraw-Hill will be renamed McGraw Hill Financial.
From the article:
"... The newly reborn company, which will be renamed McGraw Hill Financial, is expected to report $4.4 billion in revenue this year, nearly 40 percent of which will come from international operations.
The latest sale will speed up a breakup that was first announced in autumn last year, when McGraw-Hill disclosed plans to spin off its education unit. The publisher was one of many companies to pursue corporate dismemberment plans that were aimed at separating slower-growing businesses from faster-growing ones that would fetch higher values in the stock markets. ..."