Apollo's McGraw-Hill Education buys out Indian JV partner
McGraw-Hill Education, a US-based textbook publisher backed by Apollo Global Management, has bought Tata Group’s minority stake in Indian publishing joint venture Tata McGraw-Hill Education. Financial details of the deal were not disclosed.
Formed in 1970, Tata McGraw-Hill Education claims to be the leading provider of educational materials in India serving the education market - from pre-school through to professional - as well as the test prep and healthcare markets.
Its products and services include e-books, online tutoring, customized course websites and subscription services. As part of the deal, the company will change its name to McGraw-Hill Education India.
In March this year, McGraw-Hill closed a deal to sell its education unit to Apollo Global Management for $2.4 billion and unveiled plans to buyback about $500 million of its shares.
The sale followed a 2011 plan to separate McGraw-Hill's educational and financial services businesses to increase returns to shareholders after institutional investors, including Jana Partners and the Ontario Teachers' Pension Plan, argued that the company would be worth more if split up.
McGraw-Hill is the second-largest educational publisher in the world. To aid the move from paper to digital delivery of content, earlier this year it acquired California-based ALEKS Corporation and Denmark's Area9 Aps, both developers of adaptive learning technologies.
Last month, GIC Special Investments - the private investment arm of the Government of Singapore Investment Corporation - and EQT agreed to sell scientific, technical and medical publisher publisher Springer Science+Business Media to London-based BC Partners for a total enterprise value of around EUR 3.3 billion ($4.4 billion).
More on South Asia
Latest News
Asian GPs slow implementation of ESG policies - survey
Asia-based private equity firms are assigning more dedicated resources to environment, social, and governance (ESG) programmes, but policy changes have slowed in the past 12 months, in part due to concerns raised internally and by LPs, according to a...
Singapore fintech start-up LXA gets $10m seed round
New Enterprise Associates (NEA) has led a USD 10m seed round for Singapore’s LXA, a financial technology start-up launched by a former Asia senior executive at The Blackstone Group.
India's InCred announces $60m round, claims unicorn status
Indian non-bank lender InCred Financial Services said it has received INR 5bn (USD 60m) at a valuation of at least USD 1bn from unnamed investors including “a global private equity fund.”
Insight leads $50m round for Australia's Roller
Insight Partners has led a USD 50m round for Australia’s Roller, a venue management software provider specializing in family fun parks.