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McGraw-Hill Closes $2.4 Billion Education Unit Sale to Apollo

McGraw-Hill Cos. completed the sale of its education unit to Apollo Global Management LLC for $2.4 billion in cash.

Some of the proceeds from the transaction will fund share buybacks, the New York-based firm said in a statement today distributed by PRNewswire. The remaining company, to be renamed McGraw Hill Financial Inc., is also using part of the $1.9 billion it will receive after tax to pay down short-term debt and the rest may pay for “selective tuck-in acquisitions,” according to the statement.