NEWS SUMMARY: McGraw-Hill sells education division

AP News

11/26/2012 11:19:33 AM - AP News

THE DEAL: 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.