Fri, May 29, 4:42 PM
- Scholastic (NASDAQ:SCHL) says it's closed the sale of its EdTech business unit to Houghton Mifflin Harcourt (NASDAQ:HMHC).
- The deal -- for $575M in cash -- includes Scholastic's equity in the International Center for Leadership in Education and Tom Snyder Productions. The unit has drawn $175M in revenue in the first nine months of this fiscal year.
- The company had expected net proceeds of $360M-$370M, to be used to invest in its core business of children's books and classroom publishing.
Fri, Apr. 24, 6:50 AM
- Scholastic (NASDAQ:SCHL) announces it will sell its Education Technology and Services business to Houghton Mifflin Hardcourt (NASDAQ:HMHC) for $575M.
- The company expects net proceeds of $360M to $370M after transaction fees and taxes.
- The transaction is expected to close in Q2.
- Education Technology and Services took in $175M in revenue and $17M in operating income for the first nine months of the fiscal year which ends on May 31.
- Scholastic intends to use some of the funds from the sale to invest in growth in children's book publishing, classroom materials, and its international business.
Houghton Mifflin Harcourt Company provides content, services and technology to both educational institutions and consumers, reaching over 50 million students in more than 150 countries. It also published trade and reference materials.
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