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Friday, August 3, 2012

Exclusive: McGraw takes bids for education unit: sources | Reuters


Exclusive: McGraw takes bids for education unit: sources | Reuters:

Exclusive: McGraw takes bids for education unit: sources


 By Greg Roumeliotis and Nadia Damouni
NEW YORK | Thu Aug 2, 2012 7:39pm EDT
(Reuters) - Bain Capital LLC and Thomas H. Lee Partners LP are among several parties that have put in initial bids for McGraw-Hill Companies Inc's (MHP.N) education business, which could value the world's second-largest education company by sales at around $3 billion, several sources familiar with the matter said.
Other bidders for the business include Apollo Global Management LLC (APO.N) and Cengage Learning Inc, the second-largest U.S. college textbook publisher, the sources said. Cengage is owned by Apax Partners LLP and OMERS Capital Partners.
McGraw-Hill Education, whose textbooks are distributed in 65 languages across 157 countries, could be valued by buyers at about six times itsearnings before interest, taxes, depreciation and amortization (EBITDA