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Hedge fund to pay $2.5 billion for McGraw-Hill education unit

NJ – McGraw-Hill Cos. agreed to sell its education unit to Apollo Global Management LLC for $2.5 billion, taking Chief Executive Officer Harold “Terry” McGraw III one step closer to dismantling his family’s 124-year-old company.

The transaction is expected to close by year-end or in early 2013, the company said today in a statement. More than a year ago, McGraw-Hill announced plans to split into two businesses, one focused on educational publishing and the other on McGraw-Hill’s financial operations, including the world’s largest credit-rating company, Standard & Poor’s.

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