McGraw-Hill Education sale confirmed, for $2.5bn

McGraw-Hill has confirmed an agreement to sell its education business to Apollo Global Management for a purchase price of $2.5bn.

The transaction is expected to be concluded in the next few weeks.

McGraw-Hill will then be renamed McGraw Hill Financial, and will act as a content and analytics company in the global capital and commodities markets.

McGraw-Hill Companies chairman Harold McGraw III said: "After carefully considering all the options for creating shareholder value, the McGraw-Hill board of directors concluded that this agreement generates the best value and certainty for our shareholders and will most favourably position the world-class assets of McGraw-Hill Education for long-term success."

Apollo senior partner Larry Berg said: "McGraw-Hill Education has a deep and impassioned management team, and we share their enthusiasm and strategic vision for the business. We look forward to leveraging the company's leading portfolio of trusted brands and innovative digital learning solutions to drive growth through the ongoing convergence of education and technology on a global basis."