HMHC - Apollo agrees to sell McGaw Hill to Platinum Equity for $4.5B

PeopleImages/E+ via Getty Images Apollo Global (APO) agreed to sell textbook publisher McGraw Hill to PE firm Platinum Equity for about $4.5B.The sale is expected to be competed this summer, according to a statement.McGraw Hill generates more than $1B a year in revenue from digital products and has grown digital as a percentage of revenue from less than 25% in 2013, at the time of the Apollo Funds' acquisition, to more than 60% today and over 80% in its higher education business. Apollo originally purchased McGraw Hill for $2.5B Bloomberg reported in late March that Apollo was exploring the sale of McGraw Hill.Gibson, Dunn & Crutcher is serving as legal advisor to Platinum Equity on the acquisition of McGraw Hill and Willkie Farr is providing financing counsel to Platinum Equity on the transaction. BofA  is the lead underwriter for the debt financing. Paul, Weiss, Rifkind, Wharton & Garrison is serving as legal counsel

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Apollo agrees to sell McGaw Hill to Platinum Equity for $4.5B