The McGraw-Hill Cos. has agreed to sell its McGraw-Hill Education business to investment funds affiliated with Apollo Global Management LLC for $2.5 billion. As part of this transaction, McGraw-Hill (NYSE: MHP) will receive $250 million in senior unsecured notes issued by the buyer at an annual interest rate of 8.5 percent. The transaction, which is expected to close in late 2012 or early 2013, is subject to regulatory approval and customary closing conditions. Upon closing, McGraw-Hill will be…
McGraw-Hill to sell education business to Apollo for $2.5 billion
