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Riverdeep deal gets go-ahead
Education publisher HM Riverdeep has received the regulatory nod for its planned $4bn acquisition of Reed Elsevier's Harcourt US education business, reports the Irish Independent.
HM Riverdeep, headed and 47%-owned by Barry O'Callaghan, and its bankers must complete the transaction within 10 working days, even though the banks' planned syndication of $7.15bn of loans to the group is now likely to be delayed until next year.
Reed Elsevier, which is taking on €300m worth of shares, or a 11.8% stake in HM Riverdeep as part of the cash-and-stock transaction, said it plans to return the net proceeds of the sale to investors through a special dividend in January.
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