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March 22, 2013
12:47 EDTMHP, APOMcGraw-Hill completes sale of education business to Apollo Global
McGraw-Hill (MHP) completed the sale of its McGraw-Hill Education business to investment funds affiliated with Apollo Global Management (APO). As previously disclosed, the purchase price was $2.4B in cash. The company is using a portion of the approximately $1.9B in after tax proceeds from the sale to pay down short-term debt, in part driven by the special dividend paid in 2012, to resume share repurchases and to make selective tuck-in acquisitions.
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