Brief: Cengage And Mcgraw-Hill To Merge, Providing Students With More Affordable Access To Superior Course Materials And Platforms

Cengage Learning Holdings II

01/05/2019 12:16

May 1 (Reuters) - Apollo Global Management LLC  APO.N :
    * PRESS RELEASE - CENGAGE AND MCGRAW-HILL TO MERGE,
PROVIDING
STUDENTS WITH MORE AFFORDABLE ACCESS TO SUPERIOR COURSE
MATERIALS AND PLATFORMS
    * MCGRAW-HILL - CO, CENGAGE ENTERED INTO A DEFINITIVE
AGREEMENT TO
COMBINE IN AN ALL-STOCK MERGER ON EQUAL TERMS
    * MCGRAW-HILL - ANTICIPATE THAT COMBINED COMPANY WILL BE
NAMED
MCGRAW HILL
    * MCGRAW-HILL - TRANSACTION UNANIMOUSLY APPROVED BY BOARDS
OF
DIRECTORS
    * MCGRAW-HILL - COMBINED COMPANY WILL TARGET COST SYNERGIES
ESTIMATED AT $300 MILLION OVER NEXT THREE YEARS
    * MCGRAW-HILL - COMBINED COMPANY WILL BE LED BY MICHAEL
HANSEN,
CURRENTLY CEO OF CENGAGE
    * MCGRAW-HILL - COMBINED COMPANY WOULD HAVE PRO FORMA CASH
REVENUE
OF $3,157 MILLION
    * MCGRAW-HILL - COMBINED CO LEADERSHIP TEAM EXPECTED TO BE
COMPRISED OF MEMBERS FROM BOTH MCGRAW-HILL AND CENGAGE
    * MCGRAW-HILL - COMBINED COMPANY WOULD HAVE CASH EBITDA LESS
PREPUB OF $889 MILLION INCLUDING PRO FORMA IMPACT OF $300
MILLION OF COST SYNERGIES

Source text for Eikon:  ID:nBw972CDNa 
Further company coverage:  APO.N 
    
    
    

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