Platinum Equity to Buy Apollo’s McGraw Hill in $4.5 Billion Deal

Tom Gores’ Platinum Equity agreed to acquire textbook publisher and education technology company McGraw Hill from funds managed by Apollo Global Management Inc. for about $4.5 billion.

The deal is expected to close this summer, subject to regulatory approvals, according to a statement Tuesday.

Digital revenue at McGraw Hill has grown to more than 60% of total sales, from about 25% when Apollo acquired the company, according to the statement. McGraw Hill Chief Executive Officer Simon Allen will continue to lead the business under Platinum’s ownership.

Bloomberg News reported in March that Apollo was exploring a sale of McGraw ...