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.
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