Asbury Park School District Invests in Literacy for All
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Houghton Mifflin Harcourt (HMHC) to Acquire Scholastic's (SCHL) EdTech Business in $575M Deal
April 24, 2015 6:38 AM EDTScholastic Corp (Nasdaq: SCHL) announced that it has entered into a definitive agreement to sell its Educational Technology and Services business to Houghton Mifflin Harcourt Company ("HMH") (Nasdaq: HMHC) for $575 million in cash. EdTech had $249 million in revenues and $40 million in operating income in the 2014 fiscal year ended May 31, 2014. Revenues were $175 million and operating income was $17 million for the first nine months of the current fiscal year ending May 31, 2015. Scholastic expects net proceeds from the sale, after taxes, transaction fees, and other expenses, of approximately $360 $370 million.
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