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NEWS SUMMARY: McGraw-Hill sells education division

Source : AP
Last Updated: Mon, Nov 26, 2012 16:30 hrs

: 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.

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