Apollo May Acquire McGraw-Hill (MHP) Education Business
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McGraw-Hill (MHP) to Sell Education Business in $2.5B Deal with Apollo (APO)
November 26, 2012 9:36 AM ESTThe McGraw-Hill Companies (NYSE: MHP) ("the Company") today announced it has signed a definitive agreement to sell its McGraw-Hill Education business to investment funds affiliated with Apollo Global Management, LLC (NYSE: APO) (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... More
