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 |
(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