Private-equity firm Platinum Equity agreed to buy textbook publisher McGraw Hill from Apollo Global Management for about $4.5 billion, people familiar with the matter said
Major news in the world of deals and deal-makers.McGraw Hill provides textbooks and digital-learning tools and platforms for higher education, grade-school districts and a variety of other academic institutions and companies. Its products are distributed in more than 100 countries around the world.
The company became less print-centric under Apollo’s ownership, completing six acquisitions of digitally focused companies since 2013. It now brings in $1 billion in annual revenue from digital, accounting for more than 60% of its top line, compared with less than 25% in 2013.with rival educational publisher Cengage after the companies determined that divestitures required by regulators to grant approval for the deal would make it uneconomical.
Apollo, which manages more than $460 billion across credit, private equity and real estate, specializes in buying companies that are down on their luck and returning them to growth. Last month, it
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