The education and publishing giant McGraw Hill will be acquired by a private-equity firm that has a deep stake in a diverse array of industries, in a deal valued around $4.5 billion.

Platinum Equity, a California-based firm headed by billionaire Tom Gores, has agreed to buy McGraw Hill from Apollo Global Management Inc, the two companies announced Wednesday.

The deal is set to be completed this summer, pending regulatory approval. Terms were not disclosed in a joint statement issued by Platinum Equity and Apollo.

“Working with Apollo, we have transformed our business,” Allen said. “Now, with Platinum’s resources and expertise, we will be positioned to accelerate our digital growth and to continue to lead the way as a trusted education partner during a dynamic time for the industry.”

Read more/Source: Market Brief