Platinum Equity closes deal to buy McGraw Hill from Apollo
Private equity firm Platinum Equity has reached a deal to buy McGraw Hill from Apollo Global Management Inc., according to people familiar with the matter.
The deal for the textbook publisher and the educational technology company, which is expected to be announced later Tuesday, is valued at around $ 4.5 billion, including debt, the people said.
Apollo agreed in 2012 to purchase the education unit from McGraw-Hill Cos. for about $ 2.5 billion, including debt. After the sale was completed, the remaining parent company changed its name to McGraw Hill Financial Inc. and then again to S&P Global Inc. The Apollo-owned company kept the name McGraw Hill.
McGraw Hill provides digital learning manuals and tools and platforms for higher education, school districts, and a variety of other academic institutions and businesses. Its products are distributed in more than 100 countries around the world.
The company has become less focused on printing under Apollo ownership, making six acquisitions of digitally-focused businesses since 2013. It now generates $ 1 billion in annual digital revenue, accounting for over 60% of its turnover, against less than 25%. in 2013.