McGraw-Hill completes sale of McGraw-Hill Ed to Apollo Global
McGraw-Hill has completed the sale of it’s education arm, McGraw-Hill Education, to investment funds affiliated with Apollo Global Management, LLC (NYSE: APO). The sale was originally announced in November of last year.
The Company is using a portion of the approximately $1.9 billion 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.
“Consistent with our commitment to maximizing shareholder value, McGraw Hill Financial expects to continue to return cash to shareholders and to invest for growth,” said Harold McGraw III, Chairman, President and CEO of The McGraw-Hill Companies in a prepared statement.
“We have successfully completed our Growth and Value Plan, which had as its cornerstone the separation of our financial information and education businesses,” continued Mr. McGraw. “The steps we have taken have unlocked value for shareholders, positioned the assets of McGraw-Hill Education for long-term success and accelerated the growth potential of the new McGraw Hill Financial.”