Private-equity firm Platinum Equity has struck a deal to buy McGraw Hill from Apollo Global Management Inc.
The deal for the textbook publisher and educational-technology company, announced Tuesday following an earlier report by The Wall Street Journal, is valued at about $4.5 billion, including debt.
Apollo agreed in 2012 to buy the education unit of McGraw-Hill Cos. for about $2.5 billion, including debt. After the sale was completed, the remaining parent company changed its name to McGraw Hill Financial Inc., later changing it again to S&P Global Inc. The Apollo-owned company retained the McGraw Hill name.
McGraw Hill provides textbooks and digital-learning tools and platforms for higher education, grade-school districts and a variety of other academic institutions and companies. Its products are distributed in more than 100 countries around the world.
The company became less print-centric under Apollo’s ownership, completing six acquisitions of digitally focused companies since 2013. It now brings in $1 billion in annual revenue from digital, accounting for more than 60% of its top line, compared with less than 25% in 2013.