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NEWS SUMMARY: McGraw-Hill sells education division
Monday - 11/26/2012, 11:06am EST
(AP) - THE DEAL: The McGraw-Hill Cos. will sell its education arm to private equity firm Apollo Global Management for $2.5 billion as part of its plan to focus on its financial information businesses.
THE SPLIT: The acquisition includes the New York-based company's digital and traditional textbook business and other assets. The remaining McGraw-Hill Financial business includes Standard & Poor's and J.D. Power and Associates.
LONG-TERM PLAN: McGraw-Hill first announced plans to split into two companies in September 2011 through either the sale or the spin-off of the education arm.
(Copyright 2012 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)